By Reuters Staff
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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.
Shares of cigarettes-to-hotel conglomerate ITC Ltd fell nearly 3% on Wednesday, after the company warned that lockdown restrictions could cause disruptions in its supply chain in the near future.
REMAINS COMMITTED TO PROPOSED IPO IN HONG KONG CLARIFIES ON REPORTED ARTICLES WITH REGARD DELAY IN CO S HONG KONG IPO APPEARED ON 1 JUNE Source text bit.ly/3g5HumL Further company coverage:
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SAO PAULO (Reuters) - Brazilian meatpacker Marfrig Global Foods is increasing its stake in food processor BRF SA to up to 30%, a source familiar with the move told Reuters, putting the buyer close to the threshold where it would have to make a public tender for all the company’s outstanding shares.
Marfrig previously owned a 24% stake that it acquired last month and was approaching a 30% holding via open market transactions, the source said.
Financial blog Brazil Journal first reported the move earlier on Wednesday.
Marfrig, which produces beef in the United States, Brazil and Argentina, declined to comment on the transaction. Its shares were up 3.1% on the Sao Paulo stock exchange in early afternoon trading.
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(Reuters) - A consortium led by private-equity firm KKR and investment firm TIGA Investments will buy office space provider The Executive Centre (TEC), the companies said in a statement on Tuesday.
FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid
“As part of the transaction, funds advised by HPEF Capital Partners and CVC Capital Partners will exit their investments in the company (TEC). Members of TEC’s management team will continue to own shares in the company,” they added.