YTL Power's unit ups stake in Ranhill, triggers MTO

KUALA LUMPUR: YTL Power International Bhd's 70%-owned subsidiary SIPP Power Sdn Bhd has agreed to a RM405.18mil deal for about 31.42% equity in Ranhill Utilities Bhd from Tan Sri Hamdan Mohamad and related entities Hamdan (L) Foundation and Hamdan Inc (Labuan) Pte Ltd, triggering an unconditional mandatory takeover offer (MTO) for any remaining shares it does not already own it the water utility firm.

In a filing with Bursa Malaysia, YTL Power announced the unconditional share purchase agreement, which will see SIPP Power grow its equity interest in Ranhill to 34.32% from 2.9% at a purchase price of 99.5 sen a share.