Friday 29 Mar 2024
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KUALA LUMPUR (Mar 24): Sime Darby Bhd will compulsorily acquire the remaining shares in UK and Papua New Guinea-listed New Britain Palm Oil Ltd (NBPOL) under the proposed privatisation of the latter.

In a filing with Bursa Malaysia today, Sime Darby (fundamental: 1.00; valuation: 0.9), which had secured 98.8% of NBPOL, said it would compulsorily acquire the remaining shares from NBPOL shareholders who had yet to accept the offer at £7.15 (£1=RM5.4687) per share.

Sime Darby said its wholly-owned subsidiary Sime Darby Plantation Sdn Bhd had today despatched the acquisition notice to holders of the outstanding NBPOL shares to acquire their shares.

"Following the completion of the compulsory acquisition, NBPOL will become an indirect wholly-owned subsidiary of Sime Darby.

"In addition, under the Listing Rules of the Port Moresby Stock Exchange Limited (“POMSoX”), Sime Darby expects that NBPOL shares will be suspended from trading on 31 March 2015 and that NBPOL will be automatically removed from the Official List of POMSoX at the close of trading on 7 April 2015," Sime Darby said.

POMSoX is the principal stock exchange of Papua New Guinea.

On Oct 9 last year, Sime Darby announced its intention to acquire all the shares in NBPOL at £7.15 per share or £1.07 billion cash.

The acquisition would add another 135,000 ha of plantation land to Sime Darby's current land bank of almost one million ha.

At 3:53pm today, Sime Darby was traded one sen or 0.1% higher at RM9.30 for a market capitalisation of RM57.76 billion.

Some 1.8 million shares changed hands.

(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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