JCorp further extends Damansara Holdings takeover offer closing date to Dec 17

KUALA LUMPUR (Nov 19): Johor Corp Bhd (JCorp) has once again extended the closing date of its unconditional mandatory takeover offer (MGO) of 50 sen per share for Damansara Holdings Bhd to Dec 17 from Nov 22.

This is the second extension for the MGO, after the offeror previously extended the closing date to Nov 8 from Nov 22.

However, the Johor state-controlled investment arm did not revise the offer price of 50 sen per share. All other details and terms and conditions of the offer remain unchanged, according to the filing.

As at Nov 18, JCorp's holdings have reached 254.17 million shares or 79.83% of the total issued shares of Damansara Holdings, needing another 10.17%, or 32.37 million shares, to reach the 90% aggregate to withdraw the listing status of Damansara Holdings.

On Sept 14, JCorp via its special-purpose vehicle for the takeover, JLand Sdn Bhd (then known as Absolute Ambient Sdn Bhd), acquired a 49.57% stake or 157.82 million shares in Damansara Holdings for RM78.91 million from Seaview Holdings Sdn Bhd at 50 sen per share.

Subsequently, JCorp via its two other subsidiaries — Sindora Bhd and Kulim (Malaysia) Bhd — made an unconditional mandatory takeover offer to acquire Damansara Holdings, upon acquiring a 63.38% stake. The parties acting in concert in buying the stake were Absolute Ambient Sdn Bhd, which bought 49.57% stake, Sindora Bhd 9.45% and Kulim (Malaysia) Bhd 4.36%.

In order to trigger the compulsory acquisition of shares, JCorp needs to garner acceptance of no less than 90% of the shares it does not own, which is equivalent to 104.9 million shares based on issued share capital of 318.378 million shares. So far, the MGO has received acceptance of 52.39 million shares, meaning it is short of 52.54 million shares.

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