DRB-Hicom offers to sell KLAS and land to Pos M’sia for RM835.2mil

Pos Malaysia new corporate identity launching by Communication and Multimedia Minister Datuk Seri Ahmad Shabery Cheek at General Post Office, Dayabumi Complex. AZMAN GHANI / The Star

KUALA LUMPUR: Conglomerate DRB-Hicom Bhd is proposing to park KL Airport Services Sdn Bhd (KLAS) and a freehold land in Shah Alam under Pos Malaysia Bhd.

It told Bursa Malaysia that Pos would issue 250.8 million new shares for a total consideration of RM835.16mil at an issue price of RM3.33 per Pos share.

DRB-Hicom has a 32.21% stake in Pos.

The KLAS’ shares disposal consideration portion is RM766.16mil for the entire issued and paid-up share capital of KLAS comprising 88.33 million ordinary shares of RM1 each in KLAS and 35.3 million cumulative redeemable convertible preference shares of RM1 each.

It will be subject to the capitalisation of an existing loan facility obtained by KLAS of up to RM370mil via the issuance of new KLAS shares at par value directly to Hicom Holdings.

It will also see the capitalisation of non-current inter-company amount owing by KLAS to DRB-Hicom totalling about RM182.9mil as at Nov 30 via the issuance of new KLAS shares at par value directly to HICOM Holdings, a unit of DRB-Hicom.

“The new KLAS shares to be issued by KLAS to Hicom Holdings pursuant to the capitalisation of KLAS loan facility and capitalisation of amount owing to DRB-Hicom shall form part of the KLAS shares to be disposed by Hicom Holdings to Pos Malaysia pursuant to the proposed KLAS disposal,” it said.

DRB will also park part of a parcel of a 9.912-acre freehold industrial land located in Shah Alam for a consideration of RM69mil under Pos.

DRB-Hicom shares closed unchanged on Thursday at RM1.21 while Pos shares lost 8 sen to RM2.95.