FGB accepts UEM’s sale of PROPEL, Opus

FGB accepts UEM’s sale of PROPEL, Opus
Business & Markets 2013
Written by Cynthia Blemin of theedgemalaysia.com
Friday, 06 September 2013 16:07

KUALA LUMPUR (Sept 6): FABER GROUP BHD [] (FGB) has accepted UEM Group Bhd’s (UEMG) offer for sale of its entire stake in both Projek Penyelengaraan Lebuhraya Bhd (PROPEL) and OPUS GROUP BHD [] in a deal worth RM1.15 billion.

The acceptance comes following the offer made by UEMG to dispose of UEMG’s entire equity interest in OPUS and 100% equity interest in PROPEL held by UEM BUILDERS BHD [], a subsidiary of UEMG.

In an announcement to Bursa Malaysia today, FGB said the board, except for the interested directors, has accepted UEMG’s offer for the company to participate in the proposals.

“In arriving at the decision, the board (save for the interested directors) has considered the views of the main adviser and the independent adviser and other relevant information relating to the proposals,” it said.

CIMB has been appointed as the main adviser to FGB for the proposals, while RHB Investment Bank Bhd is the independent adviser to advise the non-interested directors and non-interested shareholders of FGB on the fairness and reasonableness of the proposals.

FGB however, noted that the acceptance to participate in the proposals is subjected to among others, the signing of definitive agreements based on mutually acceptable terms, satisfactory and complete due diligence, corporate and shareholders’ approvals, third party approvals and all governmental and regulatory approvals required under applicable laws and regulations.

The disposals are part of an effort to merge and streamline the asset & facility management (AFM) businesses of the UEM Group of companies, namely PROPEL, Opus and FGB, under FGB.

The move when completed would transform FGB into the largest asset and facility management company with diversified portfolios in healthcare, infrastructure and commercial sectors.