Friday 29 Mar 2024
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OSK Property Holdings Bhd (-ve)

OSK Property (Fundamental: 1.9/3, Valuation: 3.0/3) saw active trading after shareholders of OSK Holdings (OSKH) approved the acquisition of 177.6 million shares or 72.4% equity interest in the former at RM1.95 per share. The acquisition will be satisfied via the issuance of 177.6 million new OSKH shares at RM1.95 each.

Shares of OSK Property closed unchanged at RM1.93 yesterday.

Upon completion of the acquisition, OSKH will undertake a mandatory general offer to acquire the remaining 27.6% shares at RM1.95 per share (satisfied either by cash or share swap) and outstanding warrants at RM1.00 per warrant (satisfied by cash).

OSK Property has an estimated total gross development value (GDV) of RM4.8 billion from its remaining development land of 1,500 acres, mostly in Sungai Petani, Selangor and Seremban. It has unbilled sales of RM800 million, equivalent to 1.2 times sales in 2014.

OSK-Property_SWM_FD_9July2015_Theedgemarkets

This article first appeared in The Edge Financial Daily, on July 9, 2015.

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