Friday 29 Mar 2024
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KUALA LUMPUR (July 8): GuocoLand (Malaysia) Bhd has yesterday granted its managing director Tan Lee Koon an option to purchase up to 10 million GuocoLand shares at RM1.31 apiece pursuant to the company’s executive share scheme.

The exercise price of the option offered is a 3.1% premium to the closing market price of GuocoLand shares of RM1.27 yesterday.

In a filing with Bursa Malaysia today, GuocoLand said the option granted is however subject to the achievement of certain performance criteria by the option holder over two performance periods concluding at the end of the financial years ending June 30, 2016 (FY16) and 2018 (FY18) respectively.

"The achievement of the performance targets and the number of shares (if any) to be vested shall be determined at the end of FY16 and FY18 respectively.

"The exercise period of the vested options will be up to the 30th month from the respective vesting dates to be determined," it added.

GuocoLand is an indirect subsidiary of Hong Kong-listed Guoco Group Ltd.

GuocoLand said the underlying 7,004,585 GLM shares under the option granted to Tan are within the 1% limit stipulated by the Hong Kong Stock Exchange Listing Rules and the Scheme.

The option for the remaining 2,995,415 GLM shares are conditional on the approval of shareholders of Guoco Group in a forthcoming general meeting.

GuocoLand (fundamental: 0.85; valuation: 1.2) shares closed down 2.36% at RM1.24 today, bringing a market capitalisation of RM868.57 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
 

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