Friday 29 Mar 2024
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KUALA LUMPUR (Oct 10): Kulim (M) Bhd jumped as much as 10% on its plan to accept Sime Darby Bhd's offer to buy the former's 48.97% stake in New Britain Palm Oil Ltd (NBPOL).

Kulim rose 32 sen to an intraday high of RM3.57, before settling at RM3.42 at 12.30pm. The bourse's fourth-largest gainer saw some 2.4 shares done.
 
For comparison, the KLCI fell 18.23 points or 1%, to settle at 1,811.5 at afternoon break.

Yesterday, Kulim's share trade was suspended in conjuction with the announcement on Sime Darby's offer.

In a separate exchange filing, Kulim said it would accept Sime Darby’s offer, provided there is no superior offer and that Kulim gets its shareholders' approval.

Sime Darby said the group, through its subsidiary Sime Darby Plantation Sdn Bhd, intends to make a cash offer for all shares in Papua New Guinea (PNG)-based NBPOL, for GBP1.07 billion (RM5.62 billion) cash.

In Papua New Guinea Kina (PGK) terms, the offer is valued at PGK4.32 billion.

Sime Darby said its offer price of GBP7.15 per share represented a premium of 85% to NBPOL’s closing price on the London Stock Exchange last Wednesday (Oct 8).

The PGK28.79 per share offer is a 79.9% premium to NBPOL’s closing price on the Port Moresby Stock Exchange.

 

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