PETALING JAYA: Selangor Properties Bhd (SPB) shareholders have approved its largest shareholder Kayin Holdings Sdn Bhd’s plan to take the company private at RM6.30 per share.
“Based on the poll results, the special resolution was voted for by 76.301% in number and 99.023% in value to the votes attached to the disinterested SPB shares that were cast either in person or by proxy at the EGM. Further, 0.374% of the votes attached to all the disinterested shares of the total voting shares of SPB voted against the special resolution. Therefore, the special resolution has been carried,” the property developer told the stock exchange after its EGM today.
Trading in SPB shares was suspended at 11.46am and will resume from 2.30pm. It was last traded at RM6.21, up 5 sen or 0.8% with 53,800 shares changing hands.
Kayin earlier revised its offer price for SPB twice to RM6.30 from RM5.70 initially. The privatisation will be undertaken through he proposed selective capital reduction and repayment (SCR) exercise
The entitled shareholders will receive a total capital repayment of RM687.7 million, representing a cash repayment of RM6.30 per share.
Kayin is the vehicle of the Wen family who holds a 68.25% stake in SPB.