United Malayan Land Bhd (UMLand) has received a takeover offer from Seleksi Juang Sdn Bhd and parties acting in concert – which have a combined 77.52% stake – at RM2.50 a share.
The company said yesterday that Seleksi Juang had acquired 62.58 million shares or a 20.75% stake, for RM156.45mil cash or RM2.50 a share.
According to a filing with Bursa, Seleksi Juang’s equity interest are equally held by Datuk Ng Eng Tee and Tan Sri Syed Mokhtar Shah Syed Nor.
It also said in the statement that UM Land’s substantial shareholder Wawasan Perangsang Mewah Sdn Bhd would cooperate with Seleksi Juang to exercise control over UM Land for this takeover process.
These parties held a net interest of 77.52% in the company and is offering to privatise UMLand by buying over the rest of the 22.48% or 67.81 million shares not yet owned by them for a cash consideration of RM2.50 per share.
The offeror had also stated it did not intend to maintain the listing status of UM Land.
Source: www.thestar.com.my
Singapore’s CapitaLand sold its 20.75 per cent stake in United Malayan Land Bhd (UMLand) to a private firm, Seleksi Juang Sdn Bhd, that is now making a takeover offer for the rest of UMLand.
It intends to take UMLand private at RM2.50 a share, a 5.9 per cent premium to its last traded share price of RM2.36.
It bought the stake from CapitaLand also at RM2.50 a share, or RM156.45 million in total, in a direct business transaction yesterday.
Seleksi Juang’s shareholders include Datuk Ng Eng Tee, who is UMLand’s major shareholder and deputy chairman and executive director.
Source: www.btimes.com.my
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