MALAYSIA Mining Corp Bhd (MMC) has made an offer to take its 74.9%-owned subsidiary MMC Engineering Group Bhd private in a deal valued at RM34mil. It is offering to pay RM4.30 for each MMC Engineering share it does not already own or to issue two new MMC shares for every MMC Engineering share.
Shares of MMC Engineering closed at RM4.12 yesterday. Based on that price, shareholders of MMC Engineering would receive a slight premium if they were to accept the share swap offer. MMC shares closed at RM2.19.
