Mutual Fund Industry News SampleApr 22, 2002 03:21:56
KUALA LUMPUR MUTUAL: SC Approves Change in Equity Structure
MALAYSIA (Sunstream News) -- Re: Proposed acquisition of a total of 5,100,000 ordinary shares of RM1.00 each in Kuala Lumpur Mutual Fund Berhad (KLMF) representing 85% of the issued and paid-up share capital of KMLF from Public Consolidated Holdings Sdn Bhd and business Premium Sdn Bhd for a total cash consideration of RM217,617,000 or RM42.67 per ordinary share of RM1.00 each inKLMF (KLMF Shares) (Proposed Acquisition)
Further to the announcement made on February 26, 2002, Public Merchant Bank Berhad (PMBB), on behalf of HHB Holdings Berhad (HHB), announced that the Securities Commission (SC) had vide its letter dated April 15, 2002, approved the change in the equity structure of KLMF upon completion of the Proposed Acquisition and the subsequent proposed mandatory take-over offer (Proposed KLMF Acquisition) pursuant to the Guidelines on Unit Trust Funds.
The SC's approval of the change in the equity structure of KLMF upon completion of the Proposed KLMF Acquisition is subject to the following conditions:
(i) The approval of the Foreign Investment Committee for the Proposed Acquisition;
(ii) PMBB/KLMF are to inform the SC of the final equity structure of KLMF upon completion of the Proposed KLMF Acquisition; and
(iii) KLMF is to disclose its new equity structure in the supplementary prospectuses of the respective funds under the management of KLMF and KLMF is to register and lodge the said supplementary prospectuses with SC.
HHB had announced on February 26, 2002 that it was proposing to apply for an exemption from the SC from the obligation to extend a mandatory take-over offer for the remaining 10% shares in KLMF not already owned by HHB upon completion of the Proposed Acquisition and the proposed acquisition of 300,000 KLMF Shares representing 5% of the issued and paid-up share capital of KLMF from Encik Abdul Ghani bin Abdullah (Proposed Exemption). HHB had proposed the Proposed Exemption as HHB had intended to proceed with a compulsory acquisition of the remaining 10% shares in KLMF pursuant to Section 180 of the Companies Act, 1965 (Compulsory Acquisition).
On March 27, 2002, PMBB, on behalf of HHB, announced that HHB had on March 22, 2002 terminated the share sale agreement entered into with Encik Abdul Ghani bin Abdullah. As such, HHB will not proceed with the Compulsory Acquisition. Nevertheless, HHB will be obliged to extend a mandatory take-over offer for the remaining 900,000 KLMF Shares representing 15% of the issued and paid-up shares capital of KLMF not already owned by HHB upon completion of the Proposed Acquisition.
Source: M&A Asia Pacific -Reporter
Publication Date: 2002-04-22
NWS: TNM OFR COY: HHBS.KL
IND: MFD
GEO: a-my
 |
 |
