By Reuters Staff
2 Min Read
KUALA LUMPUR, June 3 (Reuters) - Malaysia’s MMC Corporation Bhd has received a letter from its controlling shareholder seeking to privatise the company via a selective capital reduction and repayment exercise of 2.94 billion ringgit ($714 million), a stock exchange filing on Thursday showed.
Under the proposal, MMC’s largest shareholder Seaport Terminal (Johore) Sdn Bhd, seeks to cancel all shares held by other shareholders at the offer price of two ringgit per share.
Seaport holds a 51.76% stake in the conglomerate that has businesses in utilities, infrastructure as well as port and logistics.
The shareholder also proposed a bonus issue to increase the share capital of MMC to a level sufficient to carry out the capital reduction.