Selangor Properties share price surges on sweetened offer from major shareholder

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KUALA LUMPUR (Jan 15): Shares of Selangor Properties Bhd (SPB) rose as much as 31 sen or 5.39% to RM6.06 apiece soon after noon market break today, following news that its major shareholder has sweetened its takeover offer for the property developer for the second time – upping its buyout offer by another 30 sen to RM6.30 per share.

In a filing with Bursa Malaysia during today’s noon market break, Selangor Properties said it has received a letter from Kayin Holdings Sdn Bhd, the private investment vehicle of the Wen family, to revise the selective capital reduction (SCR) offer price to RM6.30 per share from RM6 per share.

SElangor Properties shares jumped immediately after the market reopened. At 3.05pm, the counter was trading at RM6.04, still up 5.04%, making it the second biggest gainer across Bursa. Some 166,200 shares were traded.

In October last year, the Wen family, via Kayin, had offered to take the group private at RM5.70 per share via a SCR and repayment exercise. It then raised its offer by 30 sen to RM6 per share in December last year.

The Wen family owns a 68.23% stake in SPB.