Mulpha Land gets takeover bid from Teladan Kuasa

PETALING JAYA: Mulpha Land Bhd has received a mandatory takeover offer from entrepreneur Datuk Fakhri Yassin Mahiaddin, via his private investment vehicle Teladan Kuasa Sdn Bhd, to acquire the rest of Mulpha Land for 49.7 sen a share.
The take-over offer was triggered after Teladan Kuasa exercised a call option to acquire 75 million option shares, representing up to 32.85% equity interest in Mulpha Land, at 47 sen apiece or RM35.25 million.
"Upon completion of the call option, the aggregate equity interest of Teladan Kuasa, Ketapang Capital Sdn Bhd and Fakhri Yassin, who are the ultimate offerors, and persons acting in concert with them is 115.03 million MLB shares," Mulpha Land said in a filing with Bursa Malaysia last Friday.
This represents a 50.38% stake of MLB.
Mulpha Land said its board will be meeting to consider the offer, including as to whether to an alternative person to make a takeover offer for the offer shares.
An independent adviser will be appointed to advise the non-interested directors and non-interested shareholders of Mulpha Land in relation to the offer.
"The exercise of the call option is expected to be completed by March 26, 2015," it said.
Currently, Fakhri Yassin, together with the persons acting in concert including Mulpha Land's group managing director Ghazie Yeoh Abdullah, director Datuk Low Keng Siong, substantial shareholder Lim Chee Khang and Pasukan Sehati Sdn Bhd, own 115.03 million shares or a 50.38% stake in Mulpha Land.
Mulpha Land said Teladan Kuasa intends to maintain the listing status of Mulpha Land on the Main Market of Bursa Malaysia.