Friday 29 Mar 2024
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KUALA LUMPUR (Dec 9): Perduren (M) Bhd saw a 5% rise in its share price today after Datuk Kamaluddin Abdullah, son of former prime minister Tun Abdullah Ahmad Badawi, and businessman Datuk Mazlin Md Junid, launched a mandatory takeover offer for the remaining 30.7% they do not own in the company.

The shares of the property firm went up to an intraday high of RM1.90 from its opening price of RM1.80, with a total of 937,000 shares traded during the day.

The counter ended the day 9 sen or 5% higher at RM1.90, with a market capitalisation of RM255 million.

In a filing with the exchange yesterday, Perduren said it had received a notice of takeover offer from Kamaluddin and Mazlin to acquire the remaining 30.7% of Perduren shares for RM66.27 million cash or RM1.60 per share.

The mandatory offer was triggered when Kamaluddin and Mazlin acquired 93.5 million shares, which represented 69.3% of the issued share capital of Perduren, at RM1.60 per share for RM149.6 million from its biggest shareholder TS Law Group Sdn Bhd through eight separate share purchase agreements yesterday.

Currently, Kamaluddin has a direct stake of 9.26% in Perduren and a 33.06% indirect stake held via Trillion Icon Sdn Bhd, Aira Properties Sdn BHd, Paling Terbilang Sdn Bhd and Intelek Kuasa Sdn Bhd.

Meanwhile, Mazlin has a 21.79% indirect stake, held via Mizreen Capital Sdn Bhd and Accentvest Sdn Bhd.

Last year, Perduren received a notice of takeover from TS Law for the remaining 107.61 million shares owned by other stake holders of the company at RM1.10 per share, for RM118.37 million.

The deal was completed on Feb 14, bringing TS Law’s stake to 71.42% as at Aug 31, from 19.27% previously.

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