KUALA LUMPUR: MULTI-PURPOSE HOLDINGS BHD [] (MPHB) has temporarily shelved its preliminary plans to relist Magnum Holdings Bhd after making a RM1.66 billion offer to buy the 49% stake in the latter.
MPHB said on Monday, Feb 14 the proposal 'has been placed on hold for the time being'.
On Feb 9, MPHB had offered RM1.66 billion in cash and shares to acquire the 49% stake in Magnum as it sought to have 100% ownership of Magnum to make gaming the group's core business.
The Edge FinancialDaily reported on Feb 14 that MPHB's move to take control of Magnum might be a prelude to more corporate exercises within the group, analysts said, adding that these may potentially generate more interest in the stock, which had been quiet over the past three years.
After taking full control of its crown jewel in Magnum, MPHB was expected to embark on divesting or unlocking the value of its non-core assets such as landbank as well as financial services operations.
Analysts' view is that such an exercise is expected to attract attention to the group after a three-year lull in corporate exercises since it privatised Magnum in 2007.
MPHB said on Monday, Feb 14 the proposal 'has been placed on hold for the time being'.
On Feb 9, MPHB had offered RM1.66 billion in cash and shares to acquire the 49% stake in Magnum as it sought to have 100% ownership of Magnum to make gaming the group's core business.
The Edge FinancialDaily reported on Feb 14 that MPHB's move to take control of Magnum might be a prelude to more corporate exercises within the group, analysts said, adding that these may potentially generate more interest in the stock, which had been quiet over the past three years.
After taking full control of its crown jewel in Magnum, MPHB was expected to embark on divesting or unlocking the value of its non-core assets such as landbank as well as financial services operations.
Analysts' view is that such an exercise is expected to attract attention to the group after a three-year lull in corporate exercises since it privatised Magnum in 2007.
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