KUALA LUMPUR: Selangor Properties Bhd (SPB) has emerged as the top gainer so far, with its share RM1.21 higher, after announcing its privatisation exercise.
At 10.03 am, SPB’s shares stood at RM5.27 with 287,100 shares traded.
In a filing to Bursa Malaysia, the company said it has received a letter from its major shareholder, Kayin Holdings Sdn Bhd, requesting SPB to undertake a selective capital reduction and repayment exercise (proposed SCR) for RM622.27 million.
It said the proposed SCR entails a selective capital reduction and a corresponding capital repayment of a proposed cash amount of RM5.70 per ordinary share in SPB held by all of its shareholders (other than Kayin Holdings Sdn Bhd).
“The entitled shareholders that collectively hold 109.170 million shares will receive a total capital repayment of RM622.27 million, which represents a cash repayment of RM5.70 per share.
“Kayin, in a proposed letter, said in light of the subdued property investment and development landscape, it would be submitting a proposal to the board of directors of SPB to provide an avenue for its (SPB’s) shareholders to realise all their investment in the company by way of privatisation through the proposed SCR,” it added.
– BERNAMA