Tan Sri Surin Upatkoon
PETALING JAYA: MPHB Capital Bhd
, via its controlling shareholder Tan Sri Surin Upatkoon, is proposing to take the company private through a selective capital reduction exercise totalling RM748.11mil.
In a statement, the general insurer said shareholders will receive RM1.70 per share under the capital repayment proposed by Upatkoon and his family, who collectively control a 43% stake in MPHB
The offer price represents a 9.3% premium to MPHB’s Monday closing price of RM1.57.
The board will deliberate on the proposed capital reduction and decide on the next course of action, MPHB said.
The company said the selective capital reduction will provide a good opportunity for entitled shareholders to exit and realise their holdings in MPHB.
“The privatisation of MPHB will provide greater flexibility to MPHB and its subsidiaries to develop the existing business without the regulatory restrictions in order to create an efficient operating structure and improve the utilisation of resources, prospects and future growth of the group,” it said.
