PNB continues buying shares in SP Setia

Posted on | October 22, 2011

By THE STAR

PETALING JAYA: Permodalan Nasional Bhd (PNB) has acquired a total of 104.38 million shares, or a 5.76% stake, in SP Setia Bhd as at Oct 20 as well as 67.04 million warrants since announcing its takeover bid of the property developer on Sept 28.

In filings with Bursa Malaysia, Maybank Investment Bank Bhd, acting on behalf of PNB, said the shares were bought in open and off-market transactions for RM3.8346 to RM3.8928 per share, while the warrants were bought for 87 to 90 sen each.

PNB is offering to acquire SP Setia shares at RM3.90 per share and 91 sen per warrant.

The mandatory general offer (MGO) was triggered last month when PNB and parties acting in concert (PACs) with it raised their collective stakes to 33.17%, slightly above the 33% threshold for triggering MGOs.

According to the notice of takeover offer from Maybank Investment Bank, PNB intends to maintain the listing status of SP Setia.

It said that if the offer was accepted by the holders of not less than nine-tenths in the value of the offer shares (excluding those shares held by the offeror and PACs), then PNB did not intend to invoke provisions to compulsorily acquire any remaining offer shares.

- Malaysia Real Estate News

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