Mulpha Land takeover offer lapses

PETALING JAYA: The takeover offer of property developer Mulpha Land Bhd by Teladan Kuasa Sdn Bhd has lapsed with negligible percentage of acceptances.

Teladan Kuasa only received 0.01% of acceptances yesterday that resulted in the marginal increase of its stake to 50.39%. The takeover offer initiated on March 6 to acquire the remaning shares it did not own at 49.7 sen per share was triggered after Mulpha International Bhd entered into a call option agreement with Teladan Kuasa that gave the latter the right to acquire up to 75 million shares of 10 sen each in Mulpha Land.