IGB Corp shares to be suspended tomorrow for Goldis takeover

KUALA LUMPUR (Jan 18): IGB Corp Bhd has announced suspension of its securities with effect from 9am tomorrow, in order to facilitate takeover of the company by Goldis Bhd.

The group’s shares closed unchanged at RM2.97 today, giving it a market capitalisation of RM4.05 billion on its last trading day before the takeover.

Goldis, which holds a 73.4% stake in IGB, has targeted to complete its takeover by March this year, while subsequently taking on the group’s listing status and renaming it Ipoh Goldis Bersatu Bhd.

In a filing on Jan 10, IGB Corp affirmed it would undertake a members’ scheme of arrangement which will enable its shareholders to be compensated either 100% in cash, 30% in cash (at 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. — theedgemarkets.com

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