BRDB warrants, shares up on takeover offer (Update) 1473

KUALA LUMPUR: The shares and warrants of Bandar Raya Developments Bhd (BRDB) advanced in late morning on Monday when trading resumed after the board received a notice of conditional takeover offer from Amabang Sehati Sdn Bhd.
At
10.33am, the shares rose 15 sen to RM2.83 with 3.82 million shares
done. The warrants jumped 16 sen to RM1.71 with 3.44 million units done,
The
FBM KLCI rose 7.41 points to 1,653.52. Turnover was 446 million shares
valued at RM325.22mil. Gainers led losers 272 to 210 while 236 counters
were unchanged.
Trading was voluntarily suspended for an hour
from 9am on Monday after it announced it would not go ahead to dispose
of several properties after getting the takeover offer last Thursday.
It said on Monday it would not go ahead to undertake a tender exercise of its 100% stake in BR Property Holdings Sdn Bhd and selected investment properties comprising CapSquare Retail Centre and Permas Jusco Mall.
Below is the earlier version
KUALA
LUMPUR: Trading in securities of Bandar Raya Developments Bhd (BRDB)
was voluntarily suspended for an hour from 9am on Monday after it
announced it would not go ahead to dispose of several properties.
It
said on Monday it would not go ahead to undertake a tender exercise of
its 100% stake in BR Property Holdings Sdn Bhd and selected investment
properties comprising CapSquare Retail Centre and Permas Jusco Mall
after it received a notice of conditional takeover offer from Amabang
Sehati Sdn Bhd.
"The proposed disposal is therefore deemed aborted," it said.
DRDB also announced the resignations with immediate effect of CIMB Investment Bank Bhd and Lee Hishammudin Allen & Gledhill as the company's advisers for the proposed disposal.
Last
Thursday, BRDB said it had received a notice of conditional take-over
offer from Ambang Sehati all the ordinary shares at a cash offer price
of RM2.90 per offer share and all the outstanding warrants at a cash
offer price of RM1.80 per offer warrant.