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.
KUALA LUMPUR (June 2): Based on corporate announcements and news flow today, companies in focus tomorrow (June 3) may include: Axiata Group Bhd, RHB Bank Bhd, Serba Dinamik Holdings Bhd, Hibiscus Petroleum Bhd, Techfast Holdings Bhd, Wah Seong Corp Bhd, Datasonic Group Bhd, Sime Darby Plantation Bhd, Boustead Holdings Bhd and Computer Forms (Malaysia) Bhd. Axiata Group Bhd's subsidiary, Boost Holdings Sdn Bhd, and RHB Banking Group have signed a.
As predicted by analysts, Mr DIY Group (M) Bhd will be included in the benchmark FBM KLCI index while Supermax Corp Bhd has been excluded following the semi-annual review of the index constituents.
THE Covid-19 pandemic has caused many companies to be in financial distress, forcing some to temporarily shut down factories and operations for at least two months from mid-March in 2020 and experiencing lower demand after that.
With numerous firms seeing a decline in earnings, and many falling into the red, one wonders how much Malaysia’s top brass were paid in 2020 versus the year before.
According to data compiled by The Edge, among the top 50 companies by market capitalisation, the heads of 15 firms took a pay cut, 13 saw a bump in their paycheques and only two those of Supermax Corp Bhd and Time dotcom Bhd had no change in pay.