KUALA LUMPUR (Dec 18): Datuk Kamaluddin Abdullah and Datuk Mazlin Md Junid have emerged as substantial shareholders of Perduren Bhd, filings with the exchange today showed, following their takeover offer of the property investment company last Monday.
Kamaluddin, son of former prime minister Tun Abdullah Ahmad Badawi and a substantial shareholder of Scomi Group Bhd, now holds a 9.26% direct stake or 12.5 million shares in Perduren, with an indirect 33.06% stake.
Mazlin, former president and CEO of Daya Materials Bhd, meanwhile, has an indirect 21.79% interest in the company.
Perduren had on Dec 8 announced it has received a notice of unconditional mandatory takeover offer from Kamaluddin and Mazlin to acquire all the remaining shares in Perduren not already held by them and persons acting in concert with them for a cash offer price of RM1.60 per offer share.
On Dec 8, Kamaluddin, Siva Kumar M Jeyapalan, Trillion Icon Sdn Bhd, Amira Properties Sdn Bhd, Paling Terbilang Sdn Bhd, Intelek Kuasa Sdn Bhd, Mizreen Capital Sdn Bhd and Accentvest Sdn Bhd had entered into eight separate share purchase agreements with majority shareholder TS Law Group Sdn Bhd to acquire 69.3% in Perduren at RM1.60 per share or RM149.6 million.
As a result, Kamaluddin, who is the controlling shareholder of Trillion Icon, Amira Properties, Paling Terbilang and Intelek Kuasa, and Mazlin, who controls Mizreen Capital and Accentvest, were obliged to extend a mandatory takeover offer to acquire the remaining 30.7% of Perduren shares they didn't already hold for RM66.27 million or RM1.60 per share.
For the six months ended Sept 30, 2014, Perduren's net profit rose ten-fold to RM3.85 million from RM340,000 a year ago. Revenue for the period came in almost three times higher at RM44.1 million, compared with RM15.7 million a year ago, boosted by its property development segment.
The group's business activities include the holding of investment properties - comprising of Plaza Sentosa and units in Holiday Plaza in Johor Bahru, a six-storey office building at Shamelin Business Centre in Kuala Lumpur, the operation of a hotel in Plaza Sentosa - as well as a joint-venture property development in Taman Shamelin Perkasa.
As at 2.54pm, shares of Perduren were up 1 sen or 0.45% at RM2.25, giving it a market capitalization of RM296.82 million. Since the announcement on Dec 8, the counter had risen to a five-year high of RM2.60 before retreating to the current level.