KPSB accepts KDEB’s takeover bid of RM278m
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KPSB accepts KDEB’s takeover bid of RM278m
KPSB accepts KDEB’s takeover bid of RM278m |
Business & Markets 2014 |
Written by Cynthia Blemin of theedgemalaysia.com |
Tuesday, 24 June 2014 09:49 KUALA LUMPUR: Kumpulan Perangsang Selangor Bhd (KPSB) has agreed to the proposed takeover offer by Kumpulan Darul Ehsan Bhd (KDEB), the investment arm of the Selangor government, for KPSB’s 90.83% stake in Titisan Modal (M) Sdn Bhd and liabilities for a combined RM278.05 million. In a filing with Bursa Malaysia yesterday, KDEB proposed to buy KPSB’s stake in Titisan Modal and the assumption of the RM150 million nominal amount Bai-Bithamin Ajil Islamic debt securities A (BaIDS A) and RM50 million (BaIDS B) both issued by Viable Chip (M) Sdn Bhd, a wholly-owned subsidiary of KPSB. KDEB, which is wholly owned by Menteri Besar Inc, holds a 61% equity stake in KPSB which owns 30% of Syarikat Pengeluar Air Selangor Holdings Bhd (Splash). KPSB said it had received an offer letter dated June 20 and had resolved to accept the offer subject to shareholders’ approval at an extraordinary general meeting. “The proposed purchase of the 90.83% equity in TMSB is for an indicative consideration of RM78.054 million. The proposed resolution of the BaIDS A and BaIDS B via KDEB’s assumption of the liabilities amounting to an aggregate nominal amount of RM200 million as consideration for the settlement of inter-company debt,” it added. KPSB also said the company expects to commence negotiations with KDEB to finalise the terms and conditions of the definitive agreement. This article first appeared in The Edge Financial Daily, on June 24, 2014. |
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