Monday, December 19, 2011

PNB chief says still awaiting SC nod for S P Setia takeover

KUALA LUMPUR (Dec 19): Permodalan Nasional Bhd is still waiting for the Securities Commission's approval in its takeover of property developer S P Setia Bhd.

PNB's chief executive officer Tan Sri Hamad Kama Piah Che Othman said: 'We have submitted it to the SC, we are now waiting for the SC's approval.'

He was speaking to reporters after announcing the income distribution for its unit Skim Amanah Saham Nasional Bhd for 2011.

To recap, PNB had on Sept 28 served a takeover notice on S P Setia after its shareholding reached 33.16% or 590.502 million shares.

PNB offered RM3.90 per share, which based on the last traded price of RM3.50, was a 40 sen premium. PNB also offered to acquire the remaining warrants at 91 sen per warrant. This was 45 sen or 97.8% above the last closing price of 46 sen before the offer was made.

S P Setia subsequently rejected the offer, stating it fundamentally undervalued the company and it then decided to seek a competing offer from other interested parties to make an offer to purchase the company's shares. However, it did not receive any competing offers for the stake in the company.

On a separate matter, when asked whether PNB had any interest in joining the race to take over PROTON HOLDINGS BHD [], he did not comment but said PNB had a stake in UMW HOLDINGS BHD [].

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