KUALA LUMPUR, June 4 ― Shares of MMC Corporation Bhd were higher following an announcement that Seaport Terminal (Johore) Sdn Bhd (STJ) had intended to take MMC private via selective capital reduction and repayment exercise. MMC has received a letter from its controlling shareholder, STJ, a.
KUALA LUMPUR, June 3 Tan Sri Syed Mokhtar Al-Bukhary has offered to take MMC Corporation Bhd private by way of selective capital reduction (SCR) for RM2.94 billion or RM2 per share for each ordinary share and repayment exercise. In a Bursa Malaysia filing today, MMC displayed the offer letter.
Syed Mokhtar offers to take MMC Corp private at RM2 a share 03 Jun 2021 / 22:55 H.
PETALING JAYA: MMC Corp Bhd’s board today received a notice from its controlling shareholder Seaport Terminal (Johore) Sdn Bhd to privatise the group by undertaking a selective capital reduction (SCR) and repayment exercise at a proposed cash offer of RM2 per share.
According to the group’s Bursa filing, the exercise is expected to translate into a total capital repayment of RM2.94 billion representing 48.24% of its total share capital.
It revealed that tycoon Tan Sri Syed Mokhtar Albukhary is the ultimate offeror behind the bid via his indirect holding of Seaport Terminal’s equity stake via Indra Cita Sdn Bhd.