KUALA LUMPUR (Jan 27): Samling Strategic Corporation Sdn Bhd (SCC), plans to take its Hong Kong-listed Samling Global Ltd and also Glenealy PLANTATION []s (Malaya) Bhd and Lingui Developments Bhd private.
The companies said on Friday that SCC offered RM7.50 a share for the plantation-based Glenealy shares, which is a premium of 95 sen or 14.5% above the pre-suspension price of RM6.55.
SCC also offered RM1.63 for the timber-based Lingui shares, which was 27 sen or 19.8% above the pre-suspension price of RM1.36.
However, it said the offer prices were indicative only, non-binding and might be subject to variation.
Glenealy is an associate company of Lingui due to Lingui’s 38.33% stake in Glenealy. Lingui is a subsidiary of Samling Global -- an integrated forest resource and wood products company -- as the latter holds 67.23% in Lingui.
SCC owns a direct 15.36% stake in Glenealy comprising of 17.52 million shares and an indirect stake of 38.33% or 43.72 million shares, according to the company’s annual report as at Sept 9, 2011. Lingui owns a direct 1.91% or 2.18 million shares and indirectly holds 36.42% or 41.54 million shares.
As for Lingui, SSC indirectly owns 67.23% or 443.47 million shares, according to the annual report as at Sept 9, 2011. Samling Malaysia Inc owns a direct 59.69% stake in Lingui or 393.72 million shares.
“If proposed and implemented, the SGL privatisation will be conditional upon, amongst other things, the approval of the independent shareholders of SGL to the launch of both the Lingui privatisation and the Glenealy privatisation (but not the completion thereof).
“Further, if proposed and implemented, the Lingui privatisation and the Glenealy privatisation will be conditional upon the completion of the SGL privatisation,” according to the companies.
If a formal offer in respect of the proposal is put forward, SSC indicated it expects to propose an offer price of RM1.63 per share for the Lingui privatisation and RM7.50 per share for the Glenealy privatisation.
The companies said on Friday that SCC offered RM7.50 a share for the plantation-based Glenealy shares, which is a premium of 95 sen or 14.5% above the pre-suspension price of RM6.55.
SCC also offered RM1.63 for the timber-based Lingui shares, which was 27 sen or 19.8% above the pre-suspension price of RM1.36.
However, it said the offer prices were indicative only, non-binding and might be subject to variation.
Glenealy is an associate company of Lingui due to Lingui’s 38.33% stake in Glenealy. Lingui is a subsidiary of Samling Global -- an integrated forest resource and wood products company -- as the latter holds 67.23% in Lingui.
SCC owns a direct 15.36% stake in Glenealy comprising of 17.52 million shares and an indirect stake of 38.33% or 43.72 million shares, according to the company’s annual report as at Sept 9, 2011. Lingui owns a direct 1.91% or 2.18 million shares and indirectly holds 36.42% or 41.54 million shares.
As for Lingui, SSC indirectly owns 67.23% or 443.47 million shares, according to the annual report as at Sept 9, 2011. Samling Malaysia Inc owns a direct 59.69% stake in Lingui or 393.72 million shares.
“If proposed and implemented, the SGL privatisation will be conditional upon, amongst other things, the approval of the independent shareholders of SGL to the launch of both the Lingui privatisation and the Glenealy privatisation (but not the completion thereof).
“Further, if proposed and implemented, the Lingui privatisation and the Glenealy privatisation will be conditional upon the completion of the SGL privatisation,” according to the companies.
If a formal offer in respect of the proposal is put forward, SSC indicated it expects to propose an offer price of RM1.63 per share for the Lingui privatisation and RM7.50 per share for the Glenealy privatisation.
