JAG Capital has accepted a total of 164.68mil KUB shares, Maybank IB clarifies

KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) today clarified that the total share acceptances received by JAG Capital Holdings Sdn Bhd from KUB Malaysia Bhd stand at 164.68 million as of March 18.

Maybank IB said in a statement today that a total of 163.81 million shares representing 29.44 per cent of KUB shares were completed and valid in all respects, while a further 865,735 KUB shares were still subject to verification.

Previously, JAG Capital said it was making an unconditional mandatory takeover offer (MTO) to KUB Malaysia Bhd through Maybank IB, to acquire 86.65 per cent shares in power cable manufacturer, Central Cables Bhd (CCB) for RM119.42 million.

Maybank IB said the purchase consideration was to be satisfied via the issuance of 199.03 million new redeemable convertible preference shares (RCPS) in KUB at 60 sen per offer share.

At the moment, KUB shares held by JAG amount to 62.72 per cent following the MTO.

It is noteworthy that JAG is controlled by Minister of Plantation Industries and Commodities Datuk Seri Johari Abdul Ghani, who holds a 98.75 per cent stake in the company.

JAG would take KUB private should it obtain more than 90 per cent shareholding in the latter, according to a filing with Bursa Malaysia. Otherwise, it would keep KUB listed. - Bernama