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

RHB Capital Bhd has applied to Bank Negara Malaysia for approval to start merger talks with the OSK Group.

The bank said talks will involve OSK Investment Bank Bhd, OSK Holdings Bhd and major shareholders of OSK Holdings Bhd.

The move comes after both Malayan Banking Bhd and CIMB Group Bhd dropped plans to buy RHBCap.

It was widely speculated that talks were aborted after Abu Dhabi Commercial Bank sold its 25 per cent stake in RHBCap for RM10.80 a share to sister company Aabar Investment.

The price was an 18 per cent premium to the market value at the time.

Related Posts:

• Merged RHB Cap and OSK will create the largest Investment Bank in Malaysia
• Maybank & CIMB going for RHB
• OSK Indochina Bank Ltd plants to open 2 branches a year
• OSK Holdings posted RM137.1 million net profit for 2009

SP Setia Bhd, Malaysia’s biggest listed developer by sales, said shareholder Permodalan Nasional Bhd made an offer to take over the company in the country’s largest property acquisition in at least two decades.

Permodalan or PNB, Malaysia’s largest state asset manager, offered RM3.90 apiece for the rest of the shares it doesn’t already own, Maybank Investment Bank Bhd said in an e-mailed statement today.

The all-cash bid values SP Setia at RM6.9 billion. The stock surged 13 per cent to RM3.50 yesterday, the most since 1998, before being suspended from trading today. The offer represents a premium of 21.5 per cent above SP Setia’s five-day volume-weighted average price of RM3.21, said Maybank, which is acting for PNB.

This compares with an average premium of 34 per cent for 17 property deals of more than US$500 million in Southeast Asia in the past five years, according to data compiled by Bloomberg. “If it’s privatized, it would imply that Permodalan might do some internal consolidation and put all their property assets under one entity,” said Jason Chong, who helps manage about US$1 billion as chief investment officer at Manulife Asset Management (Malaysia) Sdn Bhd in Kuala Lumpur.

They also need to “ensure that core management is still around.” The offer follows PNB’s 2009 merger of three developers after buying them out. Kuala Lumpur-based SP Setia will give PNB, which manages about RM150 billion of assets, access to projects in Malaysia, Australia and Vietnam.

Related Posts:

• MBM Resources Bhd offer to fully acquire Hirotako Holdings Bhd
• Hing Yiap takeover by largest shareholder
• Titan Chemicals – divestment by PNB and Taiwan group
• GBH takeover proposal submitted to Securities Commission

The Court of Appeal upheld the decision of the High Court which had declared OSK Trustees Berhad as trustee for Sunway Real Estate Investment Trust (Sunreit), the legal owner of the commercial complex Putra Place.

A three-man panel comprising Justices Datuk Ramly Ali, Datuk Alizatul Khair Osman Khairuddin and Anantham Kasinather unanimously dismissed two appeals brought by Metroplex Holdings Sdn Bhd, the original owners of Putra Place.

Justice Ramly said the panel found that all the issues raised by Metroplex in the appeal proceeding today had been dealt with by the High Court and that the panel was in full agreement with the High Court’s decision.

The court ordered Metroplex to pay RM200,000 in legal costs to OSK Trustees Berhad and Sunway Reit Management Sdn Bhd.

The panel dismissed the first appeal brought by Metroplex against the decision of judicial commissioner Vazeer Alam Mydin Meera on June 28 this year in allowing an originating summons by OSK Trustees Berhad and Sunway Reit Management Sdn Bhd to declare OSK Trustees Berhad the legal owner of the property.

The second appeal, which was also dismissed, was with regard to the decision of the same High Court which had dismissed Metroplex’s application concerning consolidation of two originating summons.

OSK Trustees Berhad had successfully acquired Putra Place in a public auction on March 30 this year on behalf of Sunway REIT with the purchase price of RM513.945mil.

The High Court also ordered Metroplex to deliver possession of Putra Place within 72 hours of the court order. However, Metroplex obtained an order for stay of the decision pending today’s appeal.

The building which comprises a retail shopping mall, an office block, service apartments and a five star hotel and car parking bays, is situated on a piece of land at Lot 38, Section 51 in Kuala Lumpur.

Metroplex had charged the land to Commerce International Merchant Bankers Bhd (CIMB) by way of a third party charge to secure financing facilities granted to the company.

However, there was a default on the charge resulting in foreclosure proceedings on the land whereby the Kuala Lumpur High Court ordered the property to be sold by way of public auction.

Metroplex was represented by lawyer K.Kirubakaran and K.Y. Leong. OSK Trustees by counsel Lambert Rasaratnam and Sunreit by counsel David Lingam.

Related Posts:

• No Related Posts