PETALING JAYA: Selangor Properties Bhd’s (SPB) largest shareholder Kayin Holdings Sdn Bhd has revised its offer price for SPB again, to RM6.30 from RM6 per share previously.
In a filing with Bursa Malaysia, SPB said it has deliberated on the revised offer price, which will be included in the proposed selective capital reduction and repayment (SCR) exercise to be tabled to its shareholders.
Kayin is the vehicle of the Wen family who holds a 68.25% stake in SPB and is vying to take SPB private.
Consequent to the revision of the offer price, the entitled shareholders will receive a total capital repayment of RM687.7 million, representing a cash repayment of RM6.30 per share.
The issued share capital of SPB will be reduced by up to RM687.7 million pursuant to the proposed SCR.
As the issued share capital to be reduced is higher than the existing issued share capital of SPB of RM545.3 million, SPB will undertake a bonus issue of up to 382.0 million bonus shares by way of capitalising up to RM382.0 million from the retained earnings of the company.
The revised offer price represents a premium of 55.24% against its five-day volume weighted average price of RM4.05 up to Oct 24, 2018.
This is the second revision of the offer price by Kayin. To recap, SPB had on Oct 25, 2018 announced Kayin’s intention to privatise the company by way of a proposed SCR exercise at an offer price of RM5.70 per share.
Subsequently on Dec 17, 2018, Kayin revised its offer price from RM5.70 to RM6 per share.
Source: The Sun Daily