Major shareholders to privatise Asas Dunia

Major shareholders to privatise Asas Dunia
Business & Markets 2013
Written by Charlotte Chong of theedgemalaysia.com
Tuesday, 30 July 2013 10:51

KUALA LUMPUR: The major shareholders of ASAS DUNIA BHD [] have offered to take over the property development firm at RM1.70 per share, representing a 4.29% premium to its closing price of RM1.63 yesterday.

The joint offerors for the conditional voluntary takeover are Tony Chan Holdings Sdn Bhd, Tony Chan Capital Sdn Bhd, Sprintex Ltd and Best Conditions Ltd. These are private vehicles owned by the Chan family who is presently running Asas Dunia.

According to a statement to Bursa Malaysia, the takeover offer is conditional upon the joint offerors raising their stake to more than 50%. Now with a collective equity of 41.13%, the offerors plan to acquire the remaining 112.3 million shares or a 58.87% stake in Asas Dunia that they do not own.

The company said the joint offerors intend to delist the Main Market company upon garnering the necessary acceptance level from the minority shareholders.

Asas Dunia reported a net profit of RM5.26 million for its first quarter ended March 31 (1QFY13), a decrease of 42.1%, from RM9.1 million for 1QFY12. Revenue decreased 18.2% year-on-year to RM29.84 million from RM36.5 million.

It said the lower revenue and earnings were mainly due to an overall decrease in the sales of PROPERTIES [].


This article first appeared in The Edge Financial Daily, on July 30, 2013.