The country’s seventh richest businessman, Tan Sri Syed Mokhtar Albukhary, is buying little-known Indra Cita Sdn Bhd for RM2.5bil, and in the process has to undertake a mandatory general offer (MGO) for shares in Malaysian Mining Corporation Bhd (MMC) and Johor Port Bhd that he does not already own.
Syed Mokhtar is offering RM2.01 for each MMC share and RM1.44 for each Johor Port share. These prices are significantly below the market price of both companies. MMC was lasted traded yesterday at RM2.78 and Johor Port at RM2.
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