UEM Edgenta says received higher offer for Opus stake

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KUALA LUMPUR (Sept 13): UEM Edgenta Bhd is selling its 61.2% stake in New Zealand-listed Opus International Consultants Ltd at a higher price at NZ$1.92 (about RM6.01) a share, after the buyer upped its offer.

UEM Edgenta, which provides hospital support services, also offers infrastructure management. UEM Edgenta told Bursa Malaysia today that Canada-listed WSP Global Inc raised its Opus offer price to NZ$1.85, while Opus declared an additional dividend of seven cents a share under a variation notice. 

"Based on 90,511,615 OIC (Opus) shares held by ONZ (Opus International (NZ) Ltd), an indirect wholly-owned subsidiary of UEM Edgenta as at the date of this announcement, and the total amount receivable of NZ$1.92 per OIC share, the total proceeds to be received by ONZ will be NZ$173.8 million (about RM543.7 million based on the exchange rate of NZ$1.00:RM3.1287 being the middle rate prevailing as at 5pm on 11 August 2017, i.e. the last market day prior to the date of announcement of the proposed disposal, as published by Bank Negara Malaysia)," UEM Edgenta said.

Last month, UEM Edgenta said WSP, which offered to buy 100% of Opus, had originally proposed to pay NZ$1.78 a share for the Opus stake.

"Coupled with the ability of OIC to declare and pay the dividend of up to NZ$0.07 per OIC share, the attractiveness of the offer is further enhanced with a potential effective cash offer price of up to NZ$1.85 per OIC share, when the full dividend is taken into account," UEM Edgenta said then.
At Bursa Malaysia today, UEM Edgenta's share trade was suspended between 9:59am and 10:59am, in conjunction with the announcement, UEM Edgenta said.
Prior to the suspension, UEM Edgenta shares changed hands at RM2.66 for a market value of RM2.2 billion.