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Malaysian tycoon Syed Mokhtar eyes a piece of S P Setia

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Malaysian tycoon Syed Mokhtar eyes a piece of S P Setia Empty Malaysian tycoon Syed Mokhtar eyes a piece of S P Setia

Post by Cals Tue 25 Mar 2014, 00:39

Malaysian tycoon Syed Mokhtar eyes a piece of S P Setia
Business & Markets 2014
Written by Reuters   
Monday, 24 March 2014 12:56

KUALA LUMPUR (March 24): Syed Mokhtar Albukhary has put in an unsolicited proposal to buy a substantial portion of Permodalan Naasional Bhd's stake in property firm S P Setia Bhd, sources say.

The tycoon, whose listed and unlisted companies hold large amounts of land in the Klang Valley and Johor, wants to monetise these assets, but finds that he lacks a strong brand image that will command premium pricing, they add.

"Syed Mokhtar has proposed that Liew (Kee Sin) remain in S P Setia and be his partner in making the bid," says a source.

However, it is understood that Liew, whose last day at S P Setia is April 30, is not interested in being a part of the deal.

Last Friday, S P Setia announced that Liew exercised his put option to sell 67.79 million shares or a 2.76 percent stake in the company to Permodalan Nasional Bhd as per a management agreement dated Jan 20, 2012.

Liew will have no shares in S P Setia after the sale.
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