KUALA LUMPUR: NPC Resources Bhd
’s major shareholders, Jubilant Ventures Sdn Bhd and Datuk Loo Pang Kee, have proposed to take the company private through a selective capital reduction (SCR) and repayment exercise at RM2.82 per share.
The palm oil producer said the proposed SCR involves a capital reduction and cash repayment of RM2.82 per share to all NPC shareholders, except for the major shareholders and those acting in concert with them.
The entitlement date will be set and announced by NPC’s board later.
“Upon the completion of the proposed SCR, the joint offerors and and person acting in concert (PAC) will own 100% equity interest in NPC.
“The joint offerors do not intend to maintain the listing status of NPC on the Main Market of Bursa Malaysia Securities Bhd,” it said.
The offer for the proposed SCR is open for the board’s acceptance until 5 pm on March 7.
NPC traded unchanged at RM2.56. Over the past six months, its share price has increased by39.13%
In the nine months ended Sept 30, NPC posted a higher net profit of RM35.8mil, or earnings per share of 30.64 sen, on higher revenue of RM350.6mil.
