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Goldis to complete IGB takeover in early March

KUALA LUMPUR (Jan 10): Goldis Bhd aims to complete its takeover of IGB Corp Bhd in early March, with the latter's shares to be delisted from the Main Market of Bursa Malaysia within the same month.

In a filing today, the group said the High Court has granted an order sanctioning the proposed takeover exercise, which will see Goldis taking over the listing status of IGB Corp, but renamed to Ipoh Goldis Bersatu Bhd.

Under the scheme, IGB's shareholders can choose to be compensated either 100% in cash, 30% in cash (90 sen per share) and 70% in Goldis shares, or 12% in cash (36 sen) and 88% in seven-year new redeemable convertible cumulative preference shares (RCCPS) in Goldis at RM3.28 each.

The election offer notice to entitled scheme shareholders — whose names appear in the record of depositors as at Jan 25 — will be issued on Jan 29, with the election period spanning a one-month period from Jan 29 to Feb 20.

Meanwhile, the settlement of the offer price will be done within 10 days after Feb 20.

IGB shareholders had unanimously approved the proposed takeover at a court-convened meeting on Nov 22 last year, which was aimed at flattening the structure and consolidating both IGB and Goldis into a bigger group.

Goldis holds 980.19 million shares or a 73.43% direct stake in IGB.

Goldis' share price rose 1 sen or 0.33% to close at RM3, giving a market capitalisation of RM1.83 billion.

IGB fell 1 sen or 0.33% to settle at RM2.98 for a market capitalisation of RM3.99 billion. — theedgemarkets.com

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