KUALA LUMPUR (Feb 10): S P Setia said the Securities Commission’s decision for a ruling on the joint offerors - - Permodalan Nasional Bhd (PNB) and S P Setia president and CEO Tan Sri Liew Kee Sin – is still pending.
The property developer said on Friday it had received a press notice from Maybank Investment Bank Bhd the application, for a ruling to the concert-party relationship of the joint offerors and various other persons, was submitted to th SC on Jan 25 for its approval.
“As at the date of the press release, the decision of the SC is still pending. In these circumstances, the offer document for the revised offer can only be despatched to the holders after the SC’s decision on the ruling application as well as the SC’s clearance of the offer document are obtained,” it said.
To recap on Jan 20, Liew and PNB would be the joint offerors in the revised takeover offer for S P Setia which would see both parties working together to grow the value of the company.
The offer price was also revised upwards by five sen each to RM3.95 for each S P Setia share and 96 sen for each S P Setia warrant.
The revised offer was agreed upon after the SC had reverted with its feedback on Dec 2 to their earlier proposal.
Under the revised offer, PNB, Liew and S P Setia would also ink a management agreement where Liew would remain as group president and CEO for three years following the close of the revised offer.
Liew would also hold on to his direct stake of 158.2 million shares or 8% of S P Setia and he had an option to see the stake to PNB progressively at RM3.95 each, should be desire to do so.
The property developer said on Friday it had received a press notice from Maybank Investment Bank Bhd the application, for a ruling to the concert-party relationship of the joint offerors and various other persons, was submitted to th SC on Jan 25 for its approval.
“As at the date of the press release, the decision of the SC is still pending. In these circumstances, the offer document for the revised offer can only be despatched to the holders after the SC’s decision on the ruling application as well as the SC’s clearance of the offer document are obtained,” it said.
To recap on Jan 20, Liew and PNB would be the joint offerors in the revised takeover offer for S P Setia which would see both parties working together to grow the value of the company.
The offer price was also revised upwards by five sen each to RM3.95 for each S P Setia share and 96 sen for each S P Setia warrant.
The revised offer was agreed upon after the SC had reverted with its feedback on Dec 2 to their earlier proposal.
Under the revised offer, PNB, Liew and S P Setia would also ink a management agreement where Liew would remain as group president and CEO for three years following the close of the revised offer.
Liew would also hold on to his direct stake of 158.2 million shares or 8% of S P Setia and he had an option to see the stake to PNB progressively at RM3.95 each, should be desire to do so.
