Visitors checking out the massive, The Light Waterfront Penang development by IJM Land.//starpic GOH GAIK LEE/The Star/ 9 July 2015.
KUALA LUMPUR: The Securities Commission (SC) cleared a total of 22 documents in relation to takeover offers, including by way of schemes involving a total offer value of RM6.52 billion last year.
The same number of offer documents was cleared in 2014 involving a total offer value of RM6.78 billion, it said today.
The largest offer for the year was by IJM Land Bhd, effected by way of a members scheme of arrangement under Section 176 of Companies Act 1965 which constituted RM1.98 billion in the offer value.
Other notable offers in terms of value were by Integrax Bhd, Perdana Petroleum Bhd
and PJ Development Holdings Bhd with a total offer value of RM2.09 billion, it said.
In aggregate, the four offers represented 63 per cent of total offer value in 2015.
The SC said the number of corporate proposals, which involved the review of disclosures of property asset valuations was five, down by 37.50 per cent last year when compared to eight in 2014.
The total market value of the property assets and the number of valuation reports and certificates also declined by 42.59 per cent and 41.07 per cent respectively to RM2.44 billion in 2015 from RM4.25 billion in 2014 and 33 valuation reports and certificates in 2015 from 56 valuation reports and certificates in the previous year.
Of the five corporate proposals which involved disclosure reviews, one was for initial public offering (IPO) on the Main Market, one for IPO on the ACE Market, two for acquisitions by listed real estate investment trusts and one for the restructuring of a listed corporation.
In terms of market value, the restructuring proposal of OSK Holdings Bhd had the largest property asset valuation with a total market value of RM1.52 billion followed by the acquisition by CapitaLand Malaysia Mall Trust of Tropicana City Mall at RM540 million, said the SC.
It said the number of referrals by Bursa Malaysia of valuation reports and certificates prepared in compliance with the Listing Requirements of Bursa Malaysia increased by 21.15 per cent to 63 last year from 52 in 2014.
A total of 122 valuation reports and certificates were reviewed in 2015 involving a total market value of RM17.21 billion, as compared with 104 reviewed in 2014 involving a total market value of RM24.96 billion.
It said sizeable transactions for which the relevant valuation reports and certificates were reviewed were the proposed acquisitions of development land by Sunsuria Bhd and Eco World Development Group Bhd, the proposed disposal of plantation assets by Golden Land Bhd and the proposed disposal of the entire business of Kian Joo Can Factory Bhd.
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