New high for Dagang NeXchange Bhd
KUALA LUMPUR: Puncak Niaga Holdings Bhd
has received the Securities Commission's (SC) approval for the purchase of TRIplc for RM210mil cash consideration.
Puncak Niaga is buying the stake from Pimpinan Ehsan Bhd to enhance its construction revenue and long-term growth prospects and that of its subsidiaries.
TRIplc and its subsidiaries are involved in property construction, property development, property investment and provision of project management.
It said on Wednesday TRIplc Group must meet the profit requirements of the SC’s equity guidelines of having an audited after-tax profit of at least RM6mil for the financial year ended May 31, 2017, prior to commencement of the proposed acquisition.
Under the corporate exercise, TRIplc will be undertaking an internal reorganisation which involves a proposed share exchange with Pimpinan Ehsan of new ordinary shares of RM1 each on the basis of one-to-one in line with the proposal.
It will also involve a proposed transfer of TRIplc’s listing status at Bursa Malaysia to Pimpinan Ehsan.
Puncak Niaga had been exploring opportunities to increase income stream and minimise dependency on the existing water, wastewater related and oil and gas business.
Triplc had earlier stated the proposed disposal was timely as it provided an opportunity to unlock the share value of the company.
The disposal consideration was RM3.04 per TRIplc share at a premium of 118.71% over RM1.39, being the last traded price of TRIplc shares on the last trading day.
At midday, TRIplc was up 15 sen to RM1.80 with 228,700 shares done.
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