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BCorp pressing ahead with HK plan
by hlk Wed 21 Dec 2011, 07:55
PETALING JAYA: Berjaya Corp Bhd (BCorp) is going ahead with plans to privatise its 56.3%-owned Hong Kong-listed unit Cosway Corp Ltd (CCL).
BCorp told Bursa Malaysia that its subsidiary Cosway Corp Bhd (CCB)
intended to make a possible voluntary unconditional cash offer to
acquire all the ordinary shares and the principal amount of 10-year 1%
to 3.5% irredeemable convertible unsecured loan securities (ICULs) in
CCL, both at HK$1.10 (45 sen) apiece.
The maximum amount payable by CCB under the offer could reach HK$3.51bil (RM1.44bil).
However,
the making of the offer is subject to BCorp shareholders' approval and a
proposed rights issue with warrants at an EGM to be convened.
Subject to all approvals being obtained, the proposed privatisation is expected to be completed by the second quarter of 2012
BCorp told Bursa Malaysia that its subsidiary Cosway Corp Bhd (CCB)
intended to make a possible voluntary unconditional cash offer to
acquire all the ordinary shares and the principal amount of 10-year 1%
to 3.5% irredeemable convertible unsecured loan securities (ICULs) in
CCL, both at HK$1.10 (45 sen) apiece.
The maximum amount payable by CCB under the offer could reach HK$3.51bil (RM1.44bil).
However,
the making of the offer is subject to BCorp shareholders' approval and a
proposed rights issue with warrants at an EGM to be convened.
Subject to all approvals being obtained, the proposed privatisation is expected to be completed by the second quarter of 2012
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