Gamuda inks RM290m deal to buy PNB's 20% Kesas stake

KUALA LUMPUR: Gamuda Bhd has inked a deal to buy Permodalan Nasional Bhd's (PNB) 20% stake in highway owner and operator Kesas Holdings under a higher revised deal.

Gamuda said on Thursday it had entered into a share purchase agreement with PNB to buy the latter's entire 20% stake at RM3.08 a share, compared with RM2.973 earlier.

Gamuda said it would seek an exemption from undertaking the revised offer under the Malaysian Code of Take-Overs and Mergers, 2010 from the Securities Commission.

Upon completion of the purchase from PNB, it would directly hold 3.50 million Kesas Holdings shares and 326.14 million non-cumulative redeemable preference shares, representing 70%.

It also said the revised offer would not fail due to insufficient financial capability.

Gamuda added Perbadanan Kemajuan Negeri Selangor would also be paid in full for its stake in Keseas Holdings should it accept the revised offer.

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