Wednesday, September 21, 2011

Ranhill president gets 90.07% of shares in takeover

KUALA LUMPUR: RANHILL BHD [] president and chief executive Tan Sri Hamdan Mohamad and parties acting in concert (PAC), who launched a takeover of the company, owned 90.07% of the shares at the close of the offer on Tuesday, Sept 20.

Maybank Investment Bank said on Wednesday, that Hamdan and PAC held 537.95 million shares. They jointly owned a 51.86% or stake before they launched the takeover offer on Aug 9.

The parties acting in concert with him are Cheval Infrastructure Fund L.P. (acting via its general partner, TAEL Management Co. (Cayman) Ltd),''Ranhill Corporation Sdn Bhd, Lambang Optima Sdn Bhd and Pacific Energy Overseas Ltd.

On Aug 9, Ranhill received the notice for the takeover offer at 90 sen per share, or a premium of 15 sen or 20% above the last traded price of 75 sen.

Ranhill had on Aug 25, reported larger net loss of RM34.47 million in the quarter ended June 30, 2011 compared with losses of RM21.15 million a year ago.

Its revenue fell 22.4% to RM499.67 million from RM644.15 million a year ago. Loss per share was 5.77 sen compared with 3.54 sen a year ago. The lower revenue was mainly due to lower recognition of revenue from Libya Housing project.

For the 12-month period, it made a net profit of RM5.40 million, down 64.7% from RM15.34 million in the previous corresponding period. Revenue declined by 6% to RM1.99 billion from RM2.12 billion.

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