Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 25): Public Investment Bank Bhd (PIVB) is of the view that YTL Corp Bhd's offer to take over the remaining YTL e-Solutions Bhd shares at 55 sen each is 'fair' and 'reasonable', and advises shareholders to 'accept' the offer.

After careful assessment of the offer and evaluation by PIVB, YTL e-Solutions' non-interested directors also concurred that shareholders accept the offer, the independent adviser to the conditional share exchange offer said.

In the independent advice circular filed with Bursa Malaysia by YTL e-Solutions, PIVB advised shareholders to closely monitor the market prices of YTL e-Solutions shares and YTL Corp prior to the closing date before deciding to accept or reject the offer.

Shareholders were also advised to monitor any announcements made by the offeror prior to the closing date.

At 11.25am, YTL e-Solutions dipped 0.5 sen or 0.92% to 54 sen with 115,400 shares transacted for a market capitalisation of RM733.2 million.

YTL Corp was flat at RM1.69 with 1.26 million shares traded, valuing it at RM17.6 billion.

On July 26, YTL Corp's 74.12% owned YTL e-Solutions said the former intended to buy the remaining shares in YTL e-Solutions at 55 sen each. YTL Corp will issue new shares at RM1.65 each based on an exchange ratio of about 0.333 YTL Corp share for each YTL e-Solutions unit.

Information, communications and technology entity YTL e-Solutions said then the offer provides the opportunity for shareholders of YTL e-Solutions to own shares that are more liquid in the offeror.

It enabled its shareholders the opportunity to reduce their exposure in a single industry in exchange for an investment in the diversified operations of YTL Corp and its subsidiaries, which has the added ability to pursue larger scale growth and development opportunities should they arise.

YTL Corp's diversified businesses include power generation, water supply and property development.

 

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