Kayin increases offer price for Selangor Properties to RM6 a share

PETALING JAYA: Selangor Properties Bhd’s (SPB) largest shareholder, Kayin Holding Sdn Bhd which is vying to take the company private, has revised its offer price for SPB by 5.3% higher to RM6 from RM5.70 per share.

SPB said it has deliberated on the revised offer price and has resolved to table the proposed selective capital reduction and repayment exercise to its shareholders for consideration.

Kayin is the vehicle of the Wen family who holds a 68.25% stake in SPB.

The revised offer price represents a premium of 47.85% against its five-day volume weighted average price of RM4.05 up to Oct 24.

Consequential to the revised offer price, SPB’s issued share capital will be reduced by RM655.02 million.

Following the revised offer price, SPB’s share price rose 19 sen or 3.6% to close at RM5.52 with 849,400 shares done.

Kayin had said by going private, it will provide SPB with greater flexibility in managing and developing its businesses and undertake corporate exercises without lengthy shareholder and regulatory approvals.

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