GuocoLand Malaysia moves closer to privatisation after High Court approves capital reduction

PETALING JAYA (July 14): GuocoLand (Malaysia) Bhd has received a High Court order confirming the reduction of its issued share capital under Section 116 of the Companies Act 2016 to give effect to its proposed privatisation via a selective capital reduction and repayment exercise.

The property developer, in a Bursa Malaysia filing yesterday, said the High Court in Malaya granted the order on the same day.

The order is the latest step in the privatisation exercise, with GuocoLand Malaysia required to lodge an office copy of the sealed High Court order with the Registrar of Companies pursuant to subsection 116(6) of the Companies Act 2016.

The company said the privatisation will become effective upon the lodgement of the High Court order.

The effective date will be the same day as the entitlement date, which will be announced in due course.

The exercise follows a series of announcements and proposal letters relating to the privatisation issued between February and June this year.

GuocoLand Malaysia had proposed to privatise the company through a selective capital reduction and repayment exercise pursuant to Section 116 of the Companies Act 2016.

The latest announcement was made by Maybank Investment Bank Bhd on behalf of the company on the same day.

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