Monday, 19 December 2011

Atis group MD gets SC’s exemption from mandatory takeover of Nadayu

KUALA LUMPUR (Dec 19): ATIS CORPORATION BHD [] group managing director Chen Khai Voon and parties acting in concert in the takeover of Nadayu PROPERTIES Bhd, will not have to make a mandatory takeover offer.

Atis said on Monday that Chen and the parties were given the exemption by the Securities Commission in a letter dated Dec 16 from the mandatory takeover offer of Nadayu (formerly MUTIARA GOODYEAR DEVELOPMENT BHD).

They had earlier submitted an application to the SC to seek for an exemption under paragraph 21.1, Practice Note 9 of the Malaysian Code on Take-Overs and Mergers 2010.

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