KUALA LUMPUR: Iskandar Waterfront Holdings Sdn Bhd (IWH) is buying a 33.15% stake in TEBRAU TEGUH BHD [], comprising of 22 million shares, for 76 sen each from Kumpulan Prasarana Rakyat Johor Sdn Bhd’s (KPRJ).
Tebrau Teguh said on Tuesday, the proposed acquisition would trigger a mandatory take-over offer by IWH for the remaining shares.
“The mandatory offer will be conditional upon IWH receiving valid acceptances which would result in IWH and parties acting in concert with it holding in aggregate more than 50% of the voting shares in Tebrau Teguh,” it said.
The company said it had received a letter from KPRJ that it had accepted IWH’s offer to acquire the 33.15% stake. The disposal would reduce its stake from approximately 41.15% to 8.0%.
IWH has a paid-up of RM12.74 million comprising of 10 million shares of RM1 each and 274.629 million redeemable preference shares of 1.0 sen each.
IWH’s shareholders are Credence Resources Sdn Bhd and KPRJ and its directors are Datuk Lim Kang Hoo, Lim Hoe, Lim Keng Cheng, Lim Chen Herng, Datuk Dr Shahir Nasir, Datuk Ayub Mion and Johar Salim Yahaya.
Tebrau Teguh said that IWH, KPRJ and other relevant parties were to enter into definitive agreements on or before April 29, 2012.
Once the definitive agreements had become unconditional, the proposed acquisition would trigger a mandatory take-over offer by IWH and/or parties acting in concert with it for all the remaining Tebrau Teguh shares not already owned by IWH
“The mandatory offer will be conditional upon IWH receiving valid acceptances which would result in IWH and parties acting in concert with it holding in aggregate more than 50% of the voting Shares in Tebrau Teguh,” it said.
Tebrau Teguh said on Tuesday, the proposed acquisition would trigger a mandatory take-over offer by IWH for the remaining shares.
“The mandatory offer will be conditional upon IWH receiving valid acceptances which would result in IWH and parties acting in concert with it holding in aggregate more than 50% of the voting shares in Tebrau Teguh,” it said.
The company said it had received a letter from KPRJ that it had accepted IWH’s offer to acquire the 33.15% stake. The disposal would reduce its stake from approximately 41.15% to 8.0%.
IWH has a paid-up of RM12.74 million comprising of 10 million shares of RM1 each and 274.629 million redeemable preference shares of 1.0 sen each.
IWH’s shareholders are Credence Resources Sdn Bhd and KPRJ and its directors are Datuk Lim Kang Hoo, Lim Hoe, Lim Keng Cheng, Lim Chen Herng, Datuk Dr Shahir Nasir, Datuk Ayub Mion and Johar Salim Yahaya.
Tebrau Teguh said that IWH, KPRJ and other relevant parties were to enter into definitive agreements on or before April 29, 2012.
Once the definitive agreements had become unconditional, the proposed acquisition would trigger a mandatory take-over offer by IWH and/or parties acting in concert with it for all the remaining Tebrau Teguh shares not already owned by IWH
“The mandatory offer will be conditional upon IWH receiving valid acceptances which would result in IWH and parties acting in concert with it holding in aggregate more than 50% of the voting Shares in Tebrau Teguh,” it said.
