Berjaya Retail up on privatisation offer
Written by Surin Murugiah of theedgemalaysia.com
Monday, 14 March 2011 09:17
KUALA LUMPUR: Berjaya Retail Bhd shares advanced in early trade on Monday, March 14 after Pemier Merchandise Sdn Bhd (PMSB), which controls 58.71% of the company issued notice to take it private at 65 sen per share.
At 9.10am, B-Retail was up 21 sen to 63.5 sen.
Tan Sri Vincent Tan Chee Yioun is the ultimate controlling shareholder of PMSB.
Tan is also the ultimate controlling shareholder of PMSB and owns 100% of PMSB via HQZ Credit Sdn Bhd. As at March 11, PMSB held 878.269 million B-Retail shares directly, which represented about 58.71% of the paid-up.
B-Retail said the shares and ICPS had not traded at or above the offer price of 65 sen since the listing of B-Retail on Bursa Malaysia Securities Bhd on Aug 16.
The five-day volume weighted average market price of B-Retail shares up to March 4, being the last trading day prior to the serving of the notice was 41.2 sen while for the ICPS, it was 33.5 sen.
At 41.2 sen, the offer for the shares at 65 sen each was a premium of 23.8 sen or 57.7%. The highest traded price since listing was 56.5 sen. As for the ICPS, the offer was a premium of 31.5 sen or 94%. Its highest traded price since listing was 51 sen.
Written by Surin Murugiah of theedgemalaysia.com
Monday, 14 March 2011 09:17
KUALA LUMPUR: Berjaya Retail Bhd shares advanced in early trade on Monday, March 14 after Pemier Merchandise Sdn Bhd (PMSB), which controls 58.71% of the company issued notice to take it private at 65 sen per share.
At 9.10am, B-Retail was up 21 sen to 63.5 sen.
Tan Sri Vincent Tan Chee Yioun is the ultimate controlling shareholder of PMSB.
Tan is also the ultimate controlling shareholder of PMSB and owns 100% of PMSB via HQZ Credit Sdn Bhd. As at March 11, PMSB held 878.269 million B-Retail shares directly, which represented about 58.71% of the paid-up.
B-Retail said the shares and ICPS had not traded at or above the offer price of 65 sen since the listing of B-Retail on Bursa Malaysia Securities Bhd on Aug 16.
The five-day volume weighted average market price of B-Retail shares up to March 4, being the last trading day prior to the serving of the notice was 41.2 sen while for the ICPS, it was 33.5 sen.
At 41.2 sen, the offer for the shares at 65 sen each was a premium of 23.8 sen or 57.7%. The highest traded price since listing was 56.5 sen. As for the ICPS, the offer was a premium of 31.5 sen or 94%. Its highest traded price since listing was 51 sen.
