UEM Edgenta shares rise on higher takeover offer - Business News | The Star Online


UEM Edgenta shares rise on higher takeover offer

KUALA LUMPUR: UEM Edgenta Bhd ’s shares on Bursa Malaysia rose in early trade following a higher proceeds from the sale of its 61.2% stake in New Zealand-listed Opus International Consultants Ltd.

The counter rose four sen, or 1.46% to RM2.78, its highest since early July.

WSP Global Inc had offered NZ$1.78 for UEM Edgenta's 61.2% stake in Opus under the takeover offer announced on Aug 30.

The NZ$1.78 excluded a dividend of five cents which WSP Group had earlier allowed Opus to declare, raising the offer to NZ$1.85.

With the latest development, WSP allowed Opus to declare an additional seven cents as dividend, raising the takeover to NZ$1.92.

Based on 90.51 million Opus shares held by UEM Edgenta, it will receive NZ$173.8mil or about RM543.7mil compared with the earlier NZ$167.44mil (RM512.48mil) offer.

UEM Edgenta , OPUS