PETALING JAYA: Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ) is not selling out and will be an indirect shareholder of Tebrau Teguh following the former’s disposal of a 33.15% stake to Iskandar Waterfront Holdings Sdn Bhd (IWH) for 76 sen per share.
On Tuesday, Tebrau Teguh announced that its major shareholder KPRJ was selling a 33.15% stake in the former to IWH. The offer is for 222 million ordinary shares of 50 sen each in Tebrau Teguh, which works out to a price tag of RM168.72mil.
Tebrau Teguh said the proposed acquisition would trigger a mandatory takeover offer for the Johor Baru-based property developer and construction group by IWH and parties acting in concert (PAC) with it.
The mandatory offer for Tebrau Teguh would be conditional upon IWH receiving valid acceptances which would result in IWH and the PAC holding more than 50% of Tebrau Teguh’s voting shares.
“KPRJ is not selling out of Tebrau Teguh as the former also owns shares in IWH.
“The pie would be bigger now as more valuable assets would be in IWH following the takeover,” sources said. The current IWH’s shareholders are Credence Resources Sdn Bhd and KPRJ, an investment arm of Johor state government. Credence currently has 70% and KPRJ has 30% of IWH.
“In the near future, Credence will reduce its holdings to 60% and KPRJ will increase its stake to 40%. So, KPRJ’s indirect stake in Tebrau Teguh will further increase,” sources said.
The current IWH directors are Datuk Lim Kang Hoo, Lim Hoe, Lim Keng Cheng, Lim Chen Herng, Datuk Shahir Nasir, Datuk Ayub Mion and Johar Salim Yahaya.
Kang Hoo is also the co-founder and chairman of construction and civil engineering company Ekovest Bhd. Attempts to contact Kang Hoo were futile.
Separately, investors will now be able to invest in a pure Iskandar property counter through Tebrau Teguh as it will remain a listed company after the takeover.
“Yes. The objective is for Tebrau Teguh is to remain listed and be the first pure Iskandar Malaysia play.
“Furthermore, it’s the only Iskandar play that will be both waterfront and has east and west of Johor Baru city land,” sources said.
Tebrau Teguh shares rose 7 sen to 82 sen with over 61 million shares traded. It was one of the more heavily traded counters yesterday.
Source : Star Property
