Trade Shares or Stocks in Bursa Malaysia|How to start Trading | Trade Stocks in Bursa Malaysia | How to Open Trading Account | How to Open CDS Account | What is Collateralised Trading | Discretionary Financing | Share Margin Financing | CDS Share Transfer | Securities Borrowing and Lending (SBL) | Regulated Short Selling (RSS) | Brokerage | Internet Trading Brokerage Discount | Cash Upfront Brokerage Discount | Clearing Fees | Contract Stamp Duties | Bursa Malaysia | Composite Index | Bursa News | Listed Companies News | Market News | Market Outlook

IGB Corporation Bhd’s unit, KrisAssets Holdings Bhd, has announced the proposed disposal by the wholly-owned subsidiaries of KrisAssets of Mid Valley Megamall, Mid Valley Megamall Related
Assets, The Gardens Mall and The Gardens Related Assets, for a total disposal consideration of RM4,612.6 million.

It is to be satisfied via the proposed issuance of 3,400 million units in IGB REIT and the balance in cash, KrisAssets said in its filing to Bursa today.

It was reported earlier that KrisAssets has proposed to establish a real estate investment trust (REIT) comprising two shopping malls, The Gardens Mall and Mid Valley Megamall, which will be listed on Bursa.

KrisAssets also announced an offer for sale by Mid Valley City Gardens Sdn Bhd of 670 million Consideration Units, via an initial public offering pursuant to the Proposed Listing (Proposed Offer for Sale).

There will also be a proposed distribution by KrisAssets of 2,730 million Consideration Units and the remaining cash proceeds from the Proposed Disposal and the Proposed Offer for Sale to the entitled shareholders of KrisAssets at an entitlement date to be determined and announced later.

KrsiAssets also announced proposed amendments involving the amendments to the Memorandum and Articles of Association of KrisAssets to alter the par value of the ordinary shares in KrisAssets from RM1.00 to RM0.02 to facilitate the Proposed Capital Reduction and Repayment.

Following the completion of the Proposed Disposal, KrisAssets will be a company without any business or operations.

In the event the Proposed Distribution is not carried out after the Proposed Disposal, KrisAssets will have no assets other than the Total Disposal Consideration which is in the form of Distribution Units and cash.

In this regard, Bursa Securities may classify KrisAssets as a “Cash Company”. Bursa Securities may also classify KrisAssets as a “PN17 Company” upon completion of the Proposed Disposal as KrisAssets will be deemed to have triggered the following prescribed criteria, under Practice Note 17 of the Listing Requirements (PN17)

Related Posts:

• No Related Posts

Navis Capital Partners Ltd, which raised its shareholding in SEG International Bhd (SEGi) to 57.62%, has served a notice of unconditional takeover offer for the outstanding shares.

Navis Capital said on Wednesday it was offering to acquire all the remaining 25 sen shares of SEGi at RM1.714 cash per share and the warrants 2010/2015 at RM1.214 each.

“In relation to the offer, the board of directors of SEGi will upon its deliberation, announce whether it intends to seek an alternative person to make a take-over offer for the offer shares and offer warrants,” it said.

The offer price for the shares was 4.78% below Wednesday’s closing price of RM1.80 while the offer price for the warrants was 4.41% below the closing price of RM1.27.

The share offer price was at a price-to-earnings multiple of 12.15 times based on the audited consolidated basic earnings per share for FY ended Dec 31, 2011 of 14.11 sen. It was at a price-to-book multiple of 5.19 times based on the audited consolidated net asset per share as at Dec 31, 2011 of 33 sen.

SEGi said the offeror did not intend to maintain the listing status of SEGi.

On March 29 Navis Capital had acquired 114.80 million shares in SEGi or 21.53% at RM1.713 per share for RM196.63mil and 59.806 million warrants for RM72.484mil at RM1.212 per warrant.

On April 2, it acquired from Segmen Entiti Sdn Bhd 33.49 million shares or 6.28% for RM57.38mil or RM1.713 per share.

On the same day, it acquired from Datuk Chee Hong Leong 180,800 SEGi shares for RM309,168 and 1.25 million warrants for RM1.51mil.

On Wednesday, it acquired from founder and largest shareholder Datuk Seri Clement Hii Chii Kok 18 million warrants for RM21.78mil at RM1.21 per warrant.

Related Posts:

• MBM Resources Bhd offer to fully acquire Hirotako Holdings Bhd
• Permodalan Nasional proposed to take over SP Setia
• Hing Yiap takeover by largest shareholder
• Three new directors for SEGI
• GBH takeover proposal submitted to Securities Commission

Ekuiti Nasional Bhd (Ekuinas) plans to create one of Malaysia’s largest education entities and is now eyeing a third education group just after completing its acquisition of a 90% stake in Cosmopoint Sdn Bhd for RM246mil.

Among the education groups that Ekuinas is eyeing are Masterskill Education Group Bhd (MEGB) and HELP International Corp Bhd.

MEGB has some 11,000 students as of 2011 while HELP has 13,000 students. If Ekuinas were to acquire either one of these education groups, its student enrolment would increase to almost 30,000 from about 20,000 currently, making it the biggest listed education player.

“Education is one of the target sectors for Ekuinas’ investments. Ekuinas is continuously on the lookout for investment opportunities within the sector. Although we have identified possible opportunities, nothing has been confirmed at this point. Any new investments will be announced in due course in line with Ekuinas’ full disclosure policy,” Ekuinas chief executive offier Datuk Abdul Rahman said in a reply to StarBiz query via email.

He added that Ekuinas planned to look into further opportunities within the private education industry and establish one of Malaysia’s largest education groups that serves education needs across all segments.

Industry observers don’t rule out a possible listing of Ekuinas’ entire education portfolio in the future, in a similar approach that Khazanah Nasional Bhd is taking with its planned listing of Integrated Healthcare Holdings Sdn Bhd.

Ekuinas acquired the Cosmopoint group which owns and operates KL Metropolitan University College and Cosmopoint International College of Technology, an education group within the Malaysian private education sector with more than 11,000 students across seven faculties.

Cosmopoint’s revenue and earnings have grown strongly over the years. For FY10 ended Dec 31, it registered earnings of RM33mil on revenue of RM107mil.

The acquisition of Cosmopoint was in line with Ekuinas’ aspiration to transform high potential Malaysian companies into future market leaders as well as help enhance equitable bumiputra participation within the sizeable and rapidly expanding Malaysian private education sector.

Ekuinas’ investment portfolio also includes education institutions under APIIT Education Group, namely Asia Pacific Institute of Information Technology (APIIT), Asia Pacific University College of Technology & Innovation, and Sapura Smart School.

The investment in the APIIT Education Group was undertaken in 2010 when Ekuinas acquired 51% from Sapura Resources Bhd for RM102mil.

Arshad said the acquisition of Cosmopoint would complement the existing education institutions under Ekuinas and expand its education portfolio to five institutions with more than 20,000 students and combined revenue of more than RM200mil. With the acquisition, Ekuinas’ total committed investments to date amounted to RM903.4mil

Related Posts:

• No Related Posts