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Published: Wednesday June 27, 2012 MYT 3:05:00 PM
TSH Resources to create more value with PUPB
By Wong Wei Shen
KUALA LUMPUR: TSH Resources Bhd, which launched a takeover of Pontian United Plantations Bhd (PUPB) to buy the remaining 80.28% stake, plans to create more value via the integration of the two companies.
Its chairman Datuk Kelvin Tan said on Wednesday the offer was a friendly merger. The offer valued the remaining 80.28% stake in PUPB at RM624mil.
He said half of the shares to be acquired would be in cash and the other half in new TSH shares.
On Tuesday, TSH's unit Bisa Jaya Sdn Bhd had offered to acquire the remaining shares at RM90 per share. It currently owns 19.72%.
The offer price of RM90 per PUPB share would be satisfied by RM45.06 in cash and the remaining RM44.94 via the issuance of 21 TSH shares.
Assuming full acceptances of the proposed offer, a total of 145.79 million TSH shares would be issued.
Based on the audited consolidated financial statements for FY ended Dec 31, 2011, the net profits and net assets for PUPB and its subsidiaries were RM71.68mil and RM388.36mil respectively.
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