Friday 29 Mar 2024
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KUALA LUMPUR (June 30): Goldis Bhd is revising the options for its takeover offer for IGB Corp Bhd.

Originally, Goldis offered three options available to IGB shareholders — cash only or a cash plus Goldis shares on a 30:70 ratio respectively, and the third option is cash plus new redeemable convertible cumulative preference shares (RCCPS) on a 20:80 ratio respectively. Meanwhile, shareholders owning fewer than 100 IGB shares would be offered cash only.

However, Goldis said it wants to allow all scheme shareholders to have the same election rights, whereby those with fewer than 100 IGB shares can elect for the Cash Option, the Cash and Share Option or the Revised Cash and New RCCPs Option.

Secondly, the proportion of cash to new RCCPS to be offered under the Cash and New RCCPS Option has been revised from 20% in cash and 80% New RCCPS to 12% in cash and 88% new RCCPS.

“This is to cater to scheme shareholders who wish to maximise their equity holdings in Goldis with the aim to benefit from and realise the long-term potential value in the consolidated group,” said Goldis.

Goldis said the revised option will not have any material effects on the group structure, share capital, substantial shareholders’ shareholding and audited consolidated net assets per share and gearing.

On Feb 23, Goldis announced that it had offered to pay IGB shareholders RM3 a share in either cash or a combination of cash and shares in Goldis, a move that would see it delisting IGB and turning it into its wholly-owned subsidiary.

It also said the move would likely eliminate its holding company discount on IGB, provide it with greater liberty to plan and decide on the strategic and business directions of IGB, and create a more cohesive and efficient operating structure going forward.

Should the scheme be approved, Goldis said it plans to rename itself IGB Bhd, which stands for Ipoh Goldis Bersatu.

Goldis settled 0.4% or one sen higher at RM2.90 today, valuing it at RM1.77 billion.

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