Thursday 28 Mar 2024
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KUALA LUMPUR (Mar 13): Engineering and construction outfit Malaysian Resources Corporation Bhd (MRCB) has obtained Securities Commission Malaysia's (SC) approval to be exempted from undertaking a mandatory take-over offer for the rest of Quill Capita Trust's (QCT) units.

In a filing with Bursa Malaysia this evening, MRCB said the SC had via its letter dated March 13, 2015 approved its proposed exemption.

MRCB is disposing of its Platinum Sentral to Quill Capital for RM740 million under a cash and share deal.

The disposal will result in MRCB becoming a major unitholder in the real estate investment trust (REIT) by holding 41% stake in it, which will trigger a mandatory offer to acquire all the remaining units that it does not own.

MRCB’s share price fell one sen or 0.77% to close at RM1.29 today, giving it a market capitalisation of RM2.32 billion.

Meanwhile, QCT’s unit rose two sen or 1.63% to settle at RM1.25, valuing the REIT at RM479.86 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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