YTL Corp’s SGX-listed unit NSL gets four-month extension to address public shareholding spread

• SGX's regulator, Singapore Exchange Securities Trading Ltd, granted the extension and allowed NSL shares to trade on the bourse in the meantime, according to the conglomerate's filing on Bursa Malaysia on Wednesday.

KUALA LUMPUR (Feb 5): YTL Corp Bhd (KL:YTL) said its Singapore-listed industrialised building systems (IBS) unit NSL Ltd has received a four-month extension until June 6 to adhere to the Singapore Exchange's (SGX) 10% public shareholding requirement.

SGX's regulator, Singapore Exchange Securities Trading Ltd, granted the extension and allowed NSL shares to trade on the bourse in the meantime, according to the conglomerate's filing on Bursa Malaysia on Wednesday.

Back in October last year, YTL Cement Bhd, a unit of YTL Corp, bought an 81.24% stake in NSL for S$227.61 million (RM792.32 million), or 75 cents (RM2.61) apiece, from 98 Holdings Pte Ltd to expand its IBS business.

The stake purchase triggered a mandatory unconditional cash offer for the remaining NSL shares at the same price. In the offer document, YTL Cement announced its intention to maintain NSL’s listing on SGX.

At the offer’s close on Nov 8, 2024, YTL Cement, together with persons acting in concert, controlled a 91.02% stake in NSL.

The extension to adhere to the SGX's public shareholding requirement was applied for in view of NSL’s shareholders S215(3) Right — non-assenting shareholders’ right to require the offeror to acquire their shares after the offeror's stake exceeds 90% — lapsing on March 5, making it so YTL Cement’s final shareholding level will only be known following its completion.

The June 6 deadline to restore the public shareholding requirement serves as a three-month period following the S215(3) Right’s expiration, in line with Rule 724(2) of the SGX Listing Manual.

Given SGX’s free float requirements of 10% of shares being in public hands, NSL, and in turn YTL Cement, is required to rectify the public shareholding situation.

According to YTL Corp’s latest annual report, the group owns a 98.03% stake in YTL Cement.

Shares in YTL Corp ended seven sen or 3.72% higher at RM1.95 on Wednesday, valuing the conglomerate at RM21.65 billion.

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