Guocoland’s Malaysian unit to table proposed privatisation to disinterested shareholders at EGM
The RM1.10 offer price is a 17.7% premium to its last-traded share price of RM0.935 on Jan 30
[SINGAPORE] GuocoLand Malaysia (GLM), the wholly-owned subsidiary of GuocoLand , said in a bourse filing on Bursa Malaysia on Thursday (Mar 26) that it would hold an Extraordinary General Meeting (EGM) to table its proposed privatisation of the unit to disinterested shareholders.
It did not say when the meeting would take place.
The special resolution for the EGM is related to GuocoLand’s proposal to take its Malaysia-listed unit private at an offer price of RM1.10 (S$0.35) a share, for the 34.97 per cent stake it does not already own.
GLM will be privatised through a selective capital reduction and cash repayment exercise.
The RM1.10 offer price represents a 17.7 per cent premium to its last-traded share price of RM0.935 on Jan 30. The offer price is also a 47.7 per cent premium to its six-month volume-weighted average price of RM0.7446.
As at Mar 18, the issued share capital of GLM was RM385.3 million, comprising nearly 700.5 million ordinary shares in the unit.
Parties with direct and indirect interest in the subsidiary include Kwek Leng Beng, Hong Leong Investment Holdings, Hong Realty, Davos Investment Holdings and Quek Leng Chan, who is the chairman of the Singapore-listed developer.
Shares of GuocoLand ended 3.3 per cent or S$0.08 lower at S$2.37 on Thursday, before the news.
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