MALAYSIAN Resources Corp Bhd's (MRCB) proposed takeover of UDA Holdings Bhd has been delayed until the terms are tweaked to ensure the Employees Provident Fund's (EPF) stake in MRCB is not reduced in the process, analysts said.
MRCB announced at a press conference last week a merger and acquisition exercise involving UDA. It would make a voluntary general offer for all the shares in UDA other than the 25% that it already owns. The company did not reveal the detailed terms of the offer.