Tuesday, August 3, 2010

MPHB to maintain 51% stake in Magnum

KUALA LUMPUR: MULTI-PURPOSE HOLDINGS BHD [] (MPHB) intends to maintain its 51% stake in Magnum Corporation Sdn Bhd even if
Magnum is relisted.

MPHB said on Tuesday, Aug 3 the relisting of Magnum on the Main Market was one of the exit strategies contemplated by CVC Capital

CVC, which has a 47% interest in Magnum, has its own exit strategies based on timing and expected return, it said.

MPHB said it will use its best endeavour to ensure that the first priority will be given to MPHB shareholders to participate in any potential offer for sale of CVC's portion.

It made the comment following a news report titled "MPHB plan for investors to own Magnum shares" on Monday.

According to the report, MPHB may offer its shareholders the opportunity to participate directly in its gaming outfit Magnum by way of restricted offer for sale. - Bernama

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