PETALING JAYA: Pentamaster Corp Bhd
and Puga Holdings Ltd have proposed to take private Hong Kong -listed Pentamaster International Ltd (PIL) for HK$158.5mil (RM92mil) or HK$0.93 (54 sen) per share.Pentamaster currently holds 63.9% of PIL which is a main board listed entity on the Hong Kong Stock Exchange.
Under the proposed privatisation, Pentamaster will acquire a further 170.4 million PIL shares (representing 7.1% of the PIL shares) thereby increasing its shareholding in PIL to 71%, Pentamaster said in a filing with Bursa Malaysia.
Puga will acquire the remaining 696 million PIL shares representing 29% of the issued shares under the proposal.
Under the proposal, PIL will also declare a special dividend of HK$0.07 subject to shareholder approval at an EGM which will take the total return to minority shareholders to HK1 per PIL share.
