Thursday, February 10, 2011

#Flash* MTD shareholders offered RM11 per share

KUALA LUMPUR: The offer for MTD CAPITAL BHD [] shares has been raised from RM9.50 a share to RM11 by Nikvest Sdn Bhd and parties acting in concert in the takeover exercise.

Nikvest, Alloy Consolidated Sdn Bhd, Alloy Concrete Engineering Sdn Bhd and Alloy Capital Sdn Bhd announced the revised proposal on Thursday, Feb 10 via Maybank Investment Bank Bhd.

Trading in MTD Capital was halted with effect from 9am on Thursday and will resume with effect from 2.30pm.

On Jan 31, they had informed investors who had accepted their joint offer before or on Jan 28, could withdraw the acceptances.

Nikvest and the parties acting on concert had earlier made an unconditional take-over offer to acquire MTD Capital shares not already owned for a cash offer of RM9.50.

The revised offer came after MTD Capital Bhd's two top officials made a RM3.25 billion cash offer to acquire the entire business and undertaking of MTD Prime Sdn Bhd and Metramac Corp Sdn Bhd including all their assets and liabilities.

Its group executive chairman Nik Hussain Abdul Rahman and the president/chief executive officer Azmil Khalili Khalid has made the offer on'' Jan 28 to acquire business of MTD Prime and Metramac.

MTD Capital owns 100% of MTD Prime and Metramac. MTD Prime is the tolling concessionaire for the Kuala Lumpur - Karak Highway and its extension, the East Coast Expressway Phase 1 (ECE1).

The 60 km KL Karak Highway is the main thoroughfare connecting the Klang Valley and Karak Town whilst the 174km ECE 1 begins from Karak to Jabor.

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