Perduren extends gains, bucks local market trend

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KUALA LUMPUR (Dec 11): Perduren (M) Bhd's shares extended gains at the midday break on Thursday and were among the top gainers on Bursa Malaysia.

At 12.30pm, Perduren was traded at RM2.10 with some 177,500 shares done, after rising as much as 12 sen or 5.85%.

Perduren closed at RM2.05 yesterday, up 8.5% or 16 sen.

The Edge Financial Daily had earlier reported that the counter had risen on news of a takeover bid by a former prime minister's son and businessman.

The report said, Datuk Kamaluddin Abdullah, son of former prime minister Tun Abdullah Ahmad Badawi, together with businessman Datuk Mazlin Md Junid, had launched a mandatory takeover offer for the remaining 30.7% they did not own in the company.

On Monday, Perduren in a filing with Bursa Malaysia said, it had received a notice of takeover offer from Kamaluddin and Mazlin to acquire the remaining 30.7% of Perduren shares for RM66.27 million cash or RM1.60 per share.

The mandatory offer was triggered when Kamaluddin and Mazlin acquired 93.5 million shares, which represented 69.3% of the issued share capital of Perduren, at RM1.60 per share for RM149.6 million from its biggest shareholder TS Law Group Sdn Bhd through eight separate share purchase agreements, also on Monday.

Currently, Kamaluddin has a direct stake of 9.26% in Perduren and a 33.06% indirect stake held via Trillion Icon Sdn Bhd, Amira Properties Sdn Bhd, Paling Terbilang Sdn Bhd, and Intelek Kuasa Sdn Bhd.

Meanwhile, Mazlin has a 21.79% indirect stake, held via Mizreen Capital Sdn Bhd and Accentvest Sdn Bhd.

Last year, Perduren received a notice of takeover from TS Law for the remaining 107.61 million shares owned by other stakeholders of the company at RM1.10 per share, for RM118.37 million.

The deal was completed on Feb 14, raising TS Law’s stake to 71.42% as at Aug 31, from 19.27% previously.