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KUALA LUMPUR: The Employees Provident Fund Board (EPF) has proposed a conditional take-over offer to Malaysian Resources Corp Bhd (MRCB) to acquire the remaining 66.22% stake in the construction firm.
In a filing to Bursa Malaysia on March 3, MRCB said EPF will acquire all the remaining shares and all its new shares that may be issued prior to the closing of the offer at RM1.50 apiece.
This offer comes after MRCB’s rights issue, which was announced in November last year to raise gross proceeds of up to RM566 million. Following the closing of the rights issue in February, EPF was allotted 171.5 million new MRCB shares, bringing its total shareholding to 461.5 million shares or 33.78% of the issued and paid-up share capital of the construction firm.
With the 33% trigger, the fund would have to comply with the provisions of the Malaysian Code on Take-Overs & Mergers, 1998, whereby it has to extend a mandatory general offer.
MRCB said EPF does not intend to invoke the provisions of Section 34 of the Securities Commission Act, 1993, to compulsorily acquire any remaining shares for which acceptances have not been received. The fund intends to maintain the listing status of MRCB, after the conditional take-over offer.
