Monday, December 19, 2011

Atis group MD gets SC's exemption from mandatory takeover of Nadayu

KUALA LUMPUR (Dec 19): ATIS CORPORATION BHD [] group managing director Chen Khai Voon and parties acting in concert in the takeover of Nadayu PROPERTIES [] Bhd, will not have to make a mandatory takeover offer.

Atis said on Monday that Chen and the parties were given the exemption by the Securities Commission in a letter dated Dec 16 from the mandatory takeover offer of Nadayu (formerly MUTIARA GOODYEAR DEVELOPMENT [] Bhd).

They had earlier submitted an application to the SC to seek for an exemption under paragraph 21.1, Practice Note 9 of the Malaysian Code on Take-Overs and Mergers 2010.

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