KLK to buy 56% stake in IJM Plantations 09 Jun 2021 / 21:53 H.
PETALING JAYA: Plantation group Kuala Lumpur Kepong Bhd (KLK) today proposed to acquire a 56.2% stake in IJM Plantations Bhd held by IJM Corp Bhd for RM1.53 billion cash or RM3.10 per share.
“After having deliberated on the merits of the offer, the board is in principle agreeable to finalise the terms and conditions with KLK in order to meet the timing specified in the offer letter for the execution of the sale and purchase agreement (SPA) on or before 5pm on June 11,“ IJM Corp said in a stock exchange filing.
Upon the execution of the SPA and the same becoming unconditional, KLK will be obliged to extend a mandatory general offer to acquire all the remaining IJM Plantation shares it does not already own for RM3.10 per share.
PETALING JAYA: Billionaire Tan Sri Syed Mokhtar Al-Bukhary has proposed to take conglomerate MMC Corp Bhd private at almost RM3bil and offered to buy out exiting shareholders at a premium of over 70%.
His indirectly owned company, Seaport Terminal (Johore) Sdn Bhd, told Bursa Malaysia yesterday that it plans to privatise MMC by way of a selective capital reduction and repayment (SCR) exercise.
The offer price is RM2 per share as compared to RM1.30 yesterday, prior to trading suspension in the afternoon session. The share price has jumped by almost 23% in the last two weeks.
A SCR is a process of cancelling only certain shares out of the entire shareholding, allowing certain shareholders to exit. The remaining shareholder will waive any right to a return of capital and hence, the capital or money will only be paid to the exiting shareholders.
Shares in MMC Corp Bhd gapped up at the opening bell this morning as the stock hit limit up with a 30% jump to RM1.69, its highest level since March 2018. The big leap in the conglomerate's share price came after yesterday’s announcement that tycoon Tan Sri Syed Mokhtar Albukhary had proposed to take the company private at RM2.94 billion via selective capital reduction (SCR) at RM2 per share.
The controlling shareholders of MMC Corp Bhd, whose share price has soared nearly 30% over the past two weeks, are said to be planning to take the conglomerate private through selected capital repayment.
KUALA LUMPUR (June 3): Tycoon Tan Sri Syed Mokhtar Albukhary is looking to take MMC Corp Bhd private via a selective capital reduction (SCR) for RM2 per share. In a bourse filing, Syed Mokhtar’s vehicle Seaport Terminal (Johore) Sdn Bhd (STJSB), which owns 51.76% or 1.58 billion shares in MMC, announced that it would be conducting the exercise for the 1.47 billion shares or 48.24% stake it does not own in the company. In total, STJSB would be.