PERC asks for time extension over UMW’s offer

PETALING JAYA: UMW Holdings Bhd said PNB Equity Resources Corp Sdn Bhd (PERC) has requested for time until April 30 to accept UMW’s offer to acquire its equity interest in Perusahaan Otomobil Kedua Sdn Bhd (Perodua).

UMW’s board of directors said in a Bursa filing that, PERC had made the request via a letter dated today for which UMW has given its approval.

UMW had made a conditional offer to PERC for its 10% equity interest in Perodua at a price of RM417.5 million or RM29.80 per share.

Earlier its plans to acquire controlling stake in Perodua hit a snag, after both MBM Resources Bhd’s major shareholders Med-Bumikar Mara Sdn Bhd and its wholly owned subsidiary Central Shore Sdn Bhd rejected the RM501 million or RM2.56 per share take over offer.

“Notwithstanding this, for the avoidance of doubt and as announced on March 9, 2018, the proposed MBM Resources acquisition and the proposed Perodua acquisition (from PERC) are not conditional upon each other,” its board of directors said.

UMW’s shares fell 0.32% to close at RM6.17 with 678,300 shares done.

Source: The Sun Daily

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