KDEB wants to buy KHSB stake for RM193mil

PETALING JAYA: Kumpulan Darul Ehsan Bhd (KDEB) is proposing to acquire a 56.57% stake in Kumpulan Hartanah Selangor Bhd (KHSB) for RM193.47mil cash.
In
a note to Bursa Malaysia yesterday, KHSB said KDEB has offered to
purchase 254.56 million ordinary shares of RM1 each in KHSB under the
takeover offer.
“The proposed acquisition is undertaken as part
of KDEB’s streamlining exercise in order to restructure its assets and
operations.
“Subsequent to the completion of the proposed
acquisition, KDEB will be able to control KHSB directly instead of
through another public listed company.Therefore, the future development
strategies or projects of the land held by the KHSB group and its timing
thereof can be more easily reorganised to achieve the development
strategies of KDEB and consequently, its ultimate shareholder.”
In
the same note, KDEB said the takeover offer represents a good
opportunity for the non-interested shareholders of KHSB to realise cash
for their investment in KHSB at an offer price that represents a premium
ranging from 35.71% to 105.41% over the last traded five-days,
one-month, three-months, six-months and one-year volume weighted average
market price up to the offer letter’s latest practicable date.