Syed Mokhtar secures 91.67% of Bernas

PETALING JAYA: Padiberas Nasional Bhd (Bernas) shares will be suspended from next Friday after Tan Sri Syed Mokhtar Al-Bukhary managed to secure valid acceptances of 91.67% of its issued and paid-up share capital, in his second attempt to takeover the group for RM3.70 a share.
In a filing with Bursa Malaysia, Maybank Investment Bank announced that joint offerors Perspective Lane (M) Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal (Johore) Sdn Bhd and Acara Kreatif Sdn Bhd have received valid acceptances of 37,556,942 Bernas shares, representing about 7.98% of the issued and paid-up share capital of Bernas.
The joint offerors need to secure a 90% of the 16.31% equity interest to undertake a compulsory acquisition of all shares they do not own.
The joint offerors have extended the offer period from Mar 18, 2014 to April 1, 2014.
"As stated in Section 5 of the offer document dated Feb 25, 2014 which sets out the details, terms and condition of the offer, the joint offerors do not intend to maintain the listing status of Bernas, and the joint offerors and the parties acting in concert do not intend to take any step to address the shortfall in the public shareholding spread of Bernas," it said.
Bernas' shares closed 0.3% lower yesterday at RM3.69.