Iskandar Waterfront serves conditional mandatory takeover on Tebrau Teguh

KUALA LUMPUR: Iskandar Waterfront Holdings Sdn Bhd (IWHSB) has served a notice of conditional mandatory takeover offer on Tebrau Teguh Bhd.

Tebrau Teguh said the Feb 13 conditional share sale agreement where IWHSB would acquire 222 million Tebrau Teguh shares or 33.15% from Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ) had become unconditional on Wednesday.

"IWHSB is obliged to extend a mandatory take-over offer to acquire all the remaining 447.72 million Tebrau Teguh shares (66.85%)" for 76 sen per share.

IWHSB had received an irrevocable undertaking from KPRJ that it would not accept their remaining shareholding of 53.59 million shares representing 8% of the Tebrau Teguh's paid-up capital.

"The board of directors of Tebrau Teguh will hold a meeting tomorrow to deliberate on the offer and upon its deliberation, announce whether it intends to seek an alternative person to make a take-over offer for the offer shares," it said.

By The Star