KUALA LUMPUR: The Securities Commission has approved the appointment of Public Investment Bank Berhad as the independent adviser for'' SOUTHERN STEEL BHD []'s independent directors regarding the takeover by Signaland Sdn Bhd.
Southern Steel said the SC had given its approval in a letter dated Friday, Aug 20 for Public Investment Bank to'' advise the independent and/or non-interested directors and shareholders.
On Aug 10, Southern Steel announced that the SC had rejected the appointment of HwangDBS Investment Bank Bhd as independent adviser.
Singaland, a special purpose vehicle linked to Tan Sri Quek Leng Chan, had offered RM2.05 a share in its take-over offer of the steel maker.
On July 16, Signaland served notice to acquire all the shares in does not already own in Southern Steel following its acquisition of a 27% stake in the steel manufacturer from NatSteel Holdings Pte Ltd. The acquisition from NatSteel increased Signaland's interest in Southern Steel to 70.25%.
Southern Steel said the SC had given its approval in a letter dated Friday, Aug 20 for Public Investment Bank to'' advise the independent and/or non-interested directors and shareholders.
On Aug 10, Southern Steel announced that the SC had rejected the appointment of HwangDBS Investment Bank Bhd as independent adviser.
Singaland, a special purpose vehicle linked to Tan Sri Quek Leng Chan, had offered RM2.05 a share in its take-over offer of the steel maker.
On July 16, Signaland served notice to acquire all the shares in does not already own in Southern Steel following its acquisition of a 27% stake in the steel manufacturer from NatSteel Holdings Pte Ltd. The acquisition from NatSteel increased Signaland's interest in Southern Steel to 70.25%.
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