IGB Corp to put forward revised takeover scheme to shareholders

PETALING JAYA: IGB Corp Bhd said it has deliberated on the revised takeover scheme and will put it forward to shareholders.
This is based on the preliminary opinion of its independent adviser Kenanga Investment Bank Bhd.
Last Friday, Goldis Bhd announced that it has revised its proposed scheme to take over IGB Corp Bhd, giving more shareholders the option of staying invested in the group post completion of the exercise.
Shareholders opting for cash and RCCPS would now be offered 12% cash and 88% Goldis redeemable convertible cumulative preference shares (RCCPS) while shareholders owning less than 100 shares who were previously only allowed to opt for cash, can also opt for the combination of cash and shares, or cash and Goldis RCCPS.
The 7-year New RCCPS with 1:1 conversion into Goldis Shares will have a 4.3% dividend rate per annum.
Under the initial proposal, shareholders holding more than 100 shares are given three options – an all cash payout, a 30% cash and 70% Goldis shares combination or 20% cash and 80% RCCPS.
IGB shares were unchanged at RM2.82 on some 274,500 million shares traded. Its market capitalisation stood at RM3.85 billion.
Meanwhile, Goldis shares dropped 1 sen to RM2.88 on some 4,000 shares done, bringing its market capitalisation to RM1.76 billion.