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.

This represented up to 32.85% of MLB with cash consideration or call option cost of RM2mil. Upon completion of the call option, the aggregate equity interest of Teladan Kuasa, Ketapang Capital Sdn Bhd and Datuk Fakhri Yassin Mahiaddin who are the ultimate offerors (UO) and persons acting in concert (UOPAC) totalled 50.38% of Mulpha Land.

Mainstreet Advisers Sdn Bhd, the adviser to property developer Mulpha Land’s minority shareholders, had recommended a rejection of the takeover offer made by Teladan Kuasa.

Mainstreet said after assessing and evaluating Teladan’s offer that the offer was “not fair and not reasonable” to the shareholders.