 FA of Malaysia (FAM) president Tengku Abdullah Sultan Ahmad Shah to make an important announcement on his future in football and launch of 1 Asia 1 Voice campaign in Royal Chulan Kuala Lumpur. -Art Chen / The Star. 17 October 2014. Reporter : K Rajan ( Sport )
KUALA LUMPUR: Tanah Makmur Bhd’s entitled shareholders will receive a higher capital repayment of RM1.90, up from the RM1.80 announced previously, under its proposed selective capital reduction (SCR) and repayment exercise.
Tengku Mahkota of Pahang Tengku Abdullah Sultan Ahmad Shah, who is taking the oil palm plantation and property development company private, said in a revised offer letter posted on Bursa Malaysia website that the SCR consideration price had been increased to RM1.90.
He said all other material terms and conditions to the proposed SCR remained the same.
“I trust the above is sufficient for the board’s consieration and look forward to your favourable reply,” he wrote in the letter to the board.
The revised offer was made although the board, in its announcement on April 28, had no objection to tabling the original SCR and repayment proposal to the company’s shareholders for their consideration.
Tengku Abdullah, whose stake in Tanah Makmur together with parties acting in concert (PACs) total 68.08%, first notified the board in April of his intention to privatise the company by way of the SCR and repayment exercise.
Under the proposed exercise, Tanah Makmur will halve the par value of its shares from 50 sen to 25 sen. It also proposed a bonus issue to increase the paid-up capital up to a level sufficient for the capital reduction. Finally, 1.14 billion Tanah Makmur shares will be cancelled out of the enlarged issued and paid-up share capital.
On completion of the proposed SCR, all Tanah Makmur shares held by entitled shareholders will be cancelled.
Except for the non-entitled shareholders comprising Tengku Abdullah and certain selected PACs, all shareholders will receive the capital repayment.
Tengku Abdullah, in his letter to Tanah Makmur board in April, explained that the proposed SCR offered entitled shareholders an opportunity to realise their investments in Tanah Makmur at a premium over the closing market prices.
He also noted that the trading liquidity of Tanah Makmur shares had been low.
Tanah Makmur was last traded at RM1.72. The counter was suspended on Tuesday.
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