Published: Thursday February 28, 2013 MYT 6:48:00 PM

KHSB falls sharply below takeover price of 76 sen

KUALA LUMPUR: Shares of Kumpulan Hartanah Selangor Bhd (KHSB) fell sharply below the takeover price of 76 sen made by Kumpulan Darul Ehsan Bhd (KDEB) on Feb 14.

At the close, it was down 13 sen to 53 sen. It was actively traded with 33.45 million shares done.

When compared with the offer price of 76 sen, the share price is down 30.2%.

The FBM KLCI was up 13.49 points or 0.83% to 1,637.63. Turnover improved to 1.01 billion shares valued at RM1.97bil. There were 394 gainers, 283 losers and 300 stocks unchanged

To recap, KDEB had on Feb 14 launched a takeover for a 56.57% stake in KHS for RM193.46mil or 76 sen a share.

KHSB had then said KDEB, its penultimate holding company, made the offer to its immediate holding company Kumpulan Perangsang Selangor Bhd (KPSB), to acquire the shares.

After market close on Thursday, KPSB said the board had deliberated on the terms of the Offer and has decided to accept the offer, subject to KPSB and KDEB entering into a definitive share purchase agreement.

"The details of the terms and conditions of the share purchase agreement will be announced once the same has been executed between the transacting parties in due course," it said.

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