KLK receives only 12.9% acceptance for MP Evans offer

PETALING JAYA: Kuala Lumpur Kepong Bhd has managed to garner only 12.9% acceptances for its 740 pence (RM4.12) a share offer for MP Evans Group as at Dec 9, the first closing date for the offer, which has now been extended to Dec 21.
In a filing to the London Stock Exchange, KLK said in light of its own comments on MP Evans valuation on Dec 1, MP Evans’ subsequent comments and the proposed sale of MP Evans’ minority interest in an Indonesian joint venture, KLK considers that MP Evans shareholders would benefit from further time to consider the increased offer.
MP Evans assets include a majority interest in 25,400 planted hectares and a substantial minority interest in 21,800 planted hectares of oil-palm plantations in Indonesia and US$46 million worth of Malaysian assets and investments.