Berjaya Land unit's stake in Singapore-listed IEL rises to 68% at close of cash offer

• IEL had been placed on the watchlist pursuant to Rule 1311(2) (minimum trading price entry criteria) and Rule 1311(1) (financial entry criteria) of SGX-ST’s listing manual in 2017.
• Trading in the company’s securities had been suspended since July 28, 2022.

KUALA LUMPUR (Jan 3): Berjaya Leisure Capital (Cayman) Ltd (BLCC) has received valid acceptances amounting to 39.43 million shares, representing a 22.23% stake, in Informatics Education Ltd (IEL) at the close of the cash offer by the Berjaya Land Bhd subsidiary.

This raised BLCC's — and concert party — total shareholding in IEL to 158.99 million shares or an 89.65% stake, BLCC said in a filing with Singapore Exchange Securities Trading Ltd (SGX-ST).

BLCC's cash offer for IEL shares at S$0.011 per share was made in connection with the directed delisting of the IEL by the SGX-ST.

IEL had been placed on the watchlist pursuant to Rule 1311(2) (minimum trading price entry criteria) and Rule 1311(1) (financial entry criteria) of SGX-ST’s listing manual in 2017. Trading in the company’s securities had been suspended since July 28, 2022.

Besides IEL shares, BLCC also made an offer for IEL warrants at S$0.0001 per warrant.

For this, BLCC received valid acceptances for 1.25 million warrants or 3.58% of the total IEL warrants. This raised BLCC's holding of IEL warrants to 34.59 million warrants or 98.71% of the total warrants, said BLCC .

BLCC said that due to the fact that BLCC has not received valid acceptances in respect of at least 90% of the remaining IEL shares, BLCC would not be entitled to exercise its right to compulsorily acquire all the shares of the dissenting shareholders at the exit offer price of S$0.011 per share.

BLCC also noted that IEL will be mandatorily delisted from the official list of the SGX-ST following the completion of the cash offer.

“The company will consult the SGX-ST on the date of delisting of the company from the official list of the SGX-ST and will provide a further update in due course,” it added.

Shares in Berjaya Land ended half a sen or 1.89% lower at 26 sen, giving the group a market capitalisation of RM1.28 billion.