Amcorp accepts Gamuda’s Kesas stake offer

Amcorp accepts Gamuda’s Kesas stake offer
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Wednesday, 18 December 2013 19:25

KUALA LUMPUR (Dec 18): Gamuda Bhd will acquire Amcorp Properties Bhd's 20% stake in highway concessionaire Kesas Holdings Bhd.

In a statement to the exchange, Amcorp said it has "in principle" accepted Gamuda's offer.

Gamuda which already owns 30% in Kesas, had last month offered to buy the Amcorp's stake in Kesas for RM250 million cash.

Besides Amcorp, Gamuda has also offered to acquire Perbadanan Kemajuan Negeri Selangor and Permodalan Nasional Bhd's 30% and 20% stakes in Kesas respectively.

According to Amcorp's statement today, the company's acceptance of Gamuda's offer comes with the condition that both buyer and seller agree to the revision of certain terms under the exercise.

"The definitive agreement will be executed upon finalisation of those terms. Further details will be announced at the appropriate time," Amcorp said.

dependant on other two still in discussion parties PKNS and PNB

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