News & Articles OSKH aims to be stronger property player
OSKH aims to be stronger property player
PETALING JAYA, OCT 16:
OSK Holdings Bhd (OSKH) aims to become a stronger property player by proposing to acquire OSK Property Holdings Bhd (OSKP) and PJ Development Holdings Bhd (PJD) for RM2 and RM1.60 per share respectively.
OSKP closed the day at RM2.27 while PJD ended trading at RM1.67.
OSKH said in a filing with Bursa Malaysia yesterday that it had signed a conditional share sale agreement (SSA) with its managing director Tan Sri Ong Leong Huat and the parties acting in concert (PAC) to acquire their 73.6% stake in OSK Property for RM355.29mil.
This will be satisfied entirely by the issuance of 177.64 million new RM1 shares in OSKH shares at an issue price of RM2 per consideration share.
OSKH has also signed an SSA with Ong and his PACs to acquire a 31.7% stake in PJD for RM229.37mil, which would be satisfied entirely by the issuance of 114.69 million new OSK shares at an issue price of RM2.
The board will undertake to acquire the remaining shares it does not own in OSKP and PJD - 26.4% and 68.3% respectively - either for cash or a share exchange. The enlarged group will then consolidate the businesses of OSKH, OSKP and PJD into a single entity.
It is also proposing a bonus issue of up to 237.74 million warrants in OSKH to the existing shareholders of OSKH on the basis of one free Warrant for every four existing OSKH Shares held on an entitlement date to be determined later.
There is also a proposed payment of a special cash dividend of 15 sen for every existing OSKH share held on an entitlement date to be determined later.
Source: The Star Online
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