OSK acquires over 90% of PJ Development via takeover offer

KUALA LUMPUR (Sept 6): OSK Holdings Bhd has acquired a total of 472.23 million PJ Development Holdings Bhd (PJD) shares, representing 90.11% of the latter's issued and paid-up share capital, and 99.62 million warrants, representing 70.61% of the total outstanding warrants, as at the closing of its unconditional voluntary takeover offer for PJD shares yesterday.

"Premised on the above, the public shareholding spread of PJD is less than 10% of the total PJD shares in issue," said OSK in a bourse filing.

It added that pursuant to Bursa Malaysia's listing requirements, the trading of the securities of PJD will be suspended upon the expiry of five market days from the close of the offer period.

To recap, OSK had launched its takeover offer for shares in PJD it does not own for RM1.50 per share and 50 sen per warrant, after failing to cross the 90% shareholding threshold to take PJD private.

The group had previously offered to acquire shares in PJD for RM1.56 per share and 60 sen per warrant and had ended up with a total shareholding of 89.29%, just below the threshold.

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This article first appeared in The Edge Financial Daily, on Sept 6, 2016. Subscribe to The Edge Financial Daily here.