Tuesday, 14 February 2012

Malay Chamber of Commerce to buy Tebrau Teguh stake from KPRJ

KUALA LUMPUR (Feb 14): The Malay Chamber of Commerce Malaysia (MCCM) Johor has announced its plan to acquire a 33.15 per cent stake in TEBRAU TEGUH BHD [] from Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ).

Its president Syed Ali Alattas said MCCM Johor, supported by MCCM, would be offering KPRJ 80 sen per share or about RM177 million.

"We will send the official letter by the end of the month," Syed Ali, who is also MCCM president, told reporters at a media conference here today.

He said MCCM Johor is also willing to buy KPRJ's 41.15 per cent stake in Tebrau Teguh.

According to reports, KPRJ plans to sell a 33.15 per cent stake in Tebrau Teguh to Iskandar Waterfront Holdings Sdn Bhd (IWH) for 76 sen a share, or RM168.7 million in total.

The move will result in IWH having to make a mandatory general offer for the rest of Tebrau Teguh’s shares at the same price.

KPRJ, which is the Johor state’s investment arm, currently owns a direct 41.15 per cent stake in Tebrau Teguh.

IWH is owned by KPRJ and Credence Resources Sdn Bhd. - Bernama

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