Published: Tuesday April 30, 2013 MYT 9:58:00 AM

KHSB up after deal inked over 56.5% stake sale

KUALA LUMPUR: Shares of Kumpulan Hartanah Selangor Bhd (KHSB) rose 5.5% to 67 sen in early trade on Tuesday after its major shareholder Kumpulan Perangsang Selangor Bhd (KPSB) sealed the deal to sell its stake.

At 9.33am, KHSB was up 3.5 sen to 67 sen. There were 6.02 million shares done.

The FBM KLCI rose 1.46 points to 1,709.43. Turnover was 70.30 million shares valued at RM159.75mil. There were 99 gainers, 110 losers and 171 counters unchanged.

On Monday, Kumpulan Darul Ehsan Bhd (KDEB) announced it had signed a share purchase agreement to buy KPSB's 56.57% stake in KHSB for RM193.46mil or 76 sen cash per share.

To recap, KDEB had on Feb 14 sen the offer letter to KPSB stating its intention to acquire the shares.

On March 6, they agreed the purchase price for the shares would be at a minimum of 76 sen per share and the price could be increased by up to 10% at the request of KPSB to reflect the prevailing market value of the land bank and investment properties of KHSB.

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