Tuesday, October 11, 2011

SC: Sime's acquisition of 30% of E&O did not trigger MGO

KUALA LUMPUR: The Securities Commission said SIME DARBY BHD []'s acquisition of 30% equity interest in Eastern & Oriental Bhd (E&O) did not trigger a mandatory offer obligation under the Malaysian Code on Take-Overs and Mergers 2010.

The SC issued the statement on Tuesday, Oct 11 after concluding the review of the circumstances surrounding the acquisition of 30% stake in E&O by Sime for any Take-Over Code implication.

'In the course of the review, parties involved in the transaction were interviewed and relevant documents procured. The review included an assessment of possible concert party relationships between and amongst the parties involved. Precedents in Malaysia and practices and rulings in other jurisdictions on similar issues were also examined,' it said.

The SC said in accordance with the provision of the Securities Commission Act 1993 and the SC's internal governance processes, the review was led by the two most senior independent Commission Members, Datuk Francis Tan and Datuk Gumuri Hussain.

Note: See earlier story -- No need for mandatory offer for E&O, says Sime Darby

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