KUALA LUMPUR (Sept 7): The trading of OSK Property Holdings Bhd's securities will be suspended with effect from 9am on Oct 22 as its public shareholdings spread fell below the 25% requirement set by Bursa Securities.

The suspension, announced via its filing on Bursa Malaysia today, came after the property developer announced last Friday (Sept 4) that its public shareholdings only stood at 5.92%.

According to the filing then, as the public shareholding of OSK Property was less than 10%, Bursa Securities would suspend the trading of OSK Property's securities immediately upon the expiry of 30 market days from the date of the announcement.

“The suspension will be effected on Oct 22, 2015, being the market day immediately following the expiry of 30 market days from the date of the announcement,” the filing read.

The filing stated once the suspension is effected, it will only be uplifted by Bursa Securities upon full compliance with the public shareholding spread requirement, whereby OSK Property must ensure that at least 25% of its shares are in the hands of public shareholders.

OSK Holdings Bhd, which is in the midst of taking over OSK Property and PJ Development Holdings Bhd, said will explore various options or proposals to rectify the shortfall in public shareholding spread within the given time frame.

Recall that OSK Holdings is acquiring 73% of shares in OSK Property for RM346.4 million, or RM1.95 per OSK Property share.

The purchase consideration will be satisfied via the issuance of 177.64 million new shares, at RM1.95 each for the purchase.

Shares in OSK Property closed unchanged at RM1.95, after 2.23 million shares done, giving it a market capitalisation of RM639.03 million.

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