PETALING JAYA: Perak State Development Corp (PKNP) and parties acting in concert that are seeking to take Perak Corp private have requested the latter to withdraw the proposed selective capital reduction (SCR) and repayment exercise at RM3.90 per share, subject to the Securities Commission’s approval.
The proposed exercise, if approved by shareholders, would have seen Perak Corp being privatised by PKNP and the three other shareholders − Fast Continent Sdn Bhd, Cherry Blossom Sdn Bhd and Perak Equity Sdn Bhd. Together, PKNP and the joint offerors held 52.9% of Perak Corp.
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