YTL Power unit raises stake in Ranhill, triggers MTO

YTL Power said the acquisition and the MTO will be funded via internally generated funds.

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.

This has triggered an unconditional mandatory takeover offer (MTO) for any remaining shares it does not already own it the water utility firm.