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Multiple Proposals

BackJul 06, 2011
Date Announced
:
 06/07/2011  



Type
:
 Announcement
Subject
:
MULTIPLE PROPOSALS

Description
:
BOUSTEAD HOLDINGS BERHAD (“BHB”)
(I) PROPOSED DIVIDEND-IN-SPECIE OF ORDINARY SHARES OF RM1.00 EACH IN PHARMANIAGA BERHAD (“PHARMANIAGA”) (“PHARMANIAGA SHARES”) TO THE SHAREHOLDERS OF BHB (“PROPOSED DIVIDEND-IN-SPECIE”);
(II)PROPOSED RESTRICTED OFFER FOR SALE BY BHB OF PHARMANIAGA SHARES TO THE SHAREHOLDERS OF BHB (EXCLUDING LEMBAGA TABUNG ANGKATAN TENTERA (“LTAT”) (“PROPOSED RESTRICTED OFFER FOR SALE”);
(III) PROPOSED DIVESTMENT BY BHB OF PHARMANIAGA SHARES TO LTAT, BHB DIRECTORS AND EMPLOYEES AND OTHER INVESTORS TO BE IDENTIFIED (“PROPOSED DIVESTMENT”); AND
(IV) PROPOSED BONUS ISSUE OF NEW ORDINARY SHARES OF RM0.50 EACH IN BHB (“BHB SHARES”) (“BONUS SHARE(S)”) ON THE BASIS OF 1 BONUS SHARE FOR EVERY 10 EXISTING BHB SHARES HELD (“PROPOSED BHB BONUS ISSUE”)
(HEREINAFTER COLLECTIVELY REFERRED TO AS THE “PROPOSALS”).

Announcement Details/Table Section :

Following the completion of the acquisition of 86.81% interest in Pharmaniaga by BHB from UEM Group Berhad on 25 March 2011, BHB had undertaken a mandatory take-over offer of Pharmaniaga in accordance with Part III of the Malaysian Code on Take-overs and Mergers 2010, which was in turn, completed on 28 April 2011. BHB had stated in the Offer Document dated 7 April 2011 that it intends to maintain the listing status of Pharmaniaga.

As at 31 May 2011, BHB has a 97.81% shareholding in Pharmaniaga and Pharmaniaga’s public shareholding spread stands at 2.19% which is not in compliance with Paragraph 8.02 of the Main Market Listing Requirement of Bursa Malaysia Securities Berhad (“Bursa Securities”) (“MMLR”) which requires Pharmaniaga to ensure that at least 25% of its total listed shares are in the hands of public shareholders (“Public Spread Requirement”).

On behalf of the Board of Directors (“Board”) of BHB, AFFIN Investment Bank Berhad (“AFFIN Investment”) wishes to announce that BHB and Pharmaniaga intend to jointly collaborate to rectify the shortfall in the Public Spread Requirement of Pharmaniaga by way of the Proposals to be undertaken by BHB and the Proposed Pharmaniaga Bonus Issue (as hereinafter defined) to be undertaken by Pharmaniaga.

Additionally, BHB also proposes to undertake the Proposed BHB Bonus Issue to reward the shareholders of BHB for their past support of the BHB group.

The full announcement is attached below.

 

Attachments

  1. BSTEAD060711.pdf (Size: 97,557 bytes)
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