Published: Thursday July 12, 2012 MYT 8:07:00 PM
UM Land gets takeover offer at RM2.50 a share
Public Investment Bank said on Thursday that Seleksi Juang had acquired 62.58 million shares or a 20.75% stake, for RM156.45mil cash or RM2.50 a share.
It also said that UM Land's substantial shareholder Wawasan Perangsang Mewah Sdn Bhd, had stated it would cooperate with Seleksi Juang to exercise control over UM Land.
According to the takeover offer, the offeror and parties acting in concert held 33.08% of UM Land and this was increased to RM53.83% after the acquisition of the 20.75% stake on Thursday.
At the date of notice, Wawasan Pergangsang Mewah held 71.44 million shares of 23.69%. Pursuant to the declaration that it would cooperate in the corporate exercise, the total number of shares held by the Seleksi Juang and parties acting in concert increased to 77.52%.
The offeror had also stated it did not intend to maintain the listing status of UM Land.