KUALA LUMPUR: GuocoLand (M) Bhd will table a special resolution for its proposed privatisation at an extraordinary general meeting (EGM) for disinterested shareholders’ consideration and approval.
In a filing with Bursa Malaysia, the property group said its board, excluding interested directors, had on March 26 deliberated on the privatisation proposal after taking into account the advice of the independent adviser, and resolved to table the resolution.
On Feb 3, GuocoLand announced that it received a proposal from its controlling shareholder, GLL (Malaysia) Pte Ltd, to privatise the company at RM1.10 per share via a selective capital reduction and repayment exercise.
It said under the proposal, shareholders other than GLL (Malaysia) would receive a cash repayment of RM1.10 per share, based on holdings recorded as at an entitlement date to be determined later.
As at March 18, GLL (Malaysia) and parties acting in concert held about 475.81 million shares, representing approximately 67.93% of GuocoLand Malaysia’s issued share capital.
