Wednesday, September 28, 2011

#Flash* PNB offers RM3.90 per SP Setia share

KUALA LUMPUR: Permodalan Nasional Bhd is offering RM3.90 per S P Setia Bhd share under its proposed takeover exercise, which is 40 sen above the last traded price of RM3.50.

Maybank Investment Bank Bhd said on Wednesday, Sept 28 at RM3.90 per share, this was a premium of 21.50% or 69 sen above the five-day volume weighted average price (VWAP) of RM3.21. PNB also offered 91 sen per warrants, which was a premium of 45 sen or 97.8% to the last closing price of 46 sen.

The proposed takeover confirmed a report by The Edge FinancialDaily.

S P Setia said earlier Wednesday it had received a notice of take-over offer from PNB, who is a major shareholder. Trading of the property developer's securities was suspended from 9am to 5pm on Wednesday.

The EdgeFD said S P Setia might be taken private near the current price of RM3.50 per share.

The stock rallied nearly 13% or 40 sen on Tuesday, with volume more than doubling to 7.4 million shares from 3.38 million units the previous day.

PNB, the Employees Provident Fund and Kumpulan Wang Persaraan (KWAP) collectively hold 47%. PNB holds 28.51%, the EPF 13.39% and KWAP 5%.

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