SLSB, eight individuals exempted from mandatory offer for KSL shares

PETALING JAYA (Sept 7) : The Securities Commission Malaysia (SC) has exempted Success Lineage Sdn Bhd (SLSB) and eight individuals from the obligation to undertake a mandatory offer for the remaining voting shares in KSL Holdings Bhd, in connection with a restructuring to establish a single family office.

In a Bursa Malaysia filing on Monday (Sept 7), KSL said the exemption was approved by the SC in a letter dated Sept 3 under subparagraph 4.13(3)(a) of the Rules on Take-overs, Mergers and Compulsory Acquisitions.

The eight individuals are Khoo Cheng Hai @ Ku Cheng Hai, Ku Hwa Seng, Ku Tien Sek, Ku Wa Chong, Khoo Keng Ghiap, Khoo Lee Feng, Ku Ek Mei and Ku Keng Yaw.

The restructuring involves the transfer of the eight individuals' shareholdings in Premiere Sector Sdn Bhd, Noble Heritage Sdn Bhd and Gorgeous Horizon Sdn Bhd to SLSB as part of the establishment of a single family office.

Upon completion of the transfers, SLSB will have a deemed interest in the KSL shares held by the three companies.

KSL said the exercise does not involve any transfer of the KSL shares held by Premiere Sector, Noble Heritage and Gorgeous Horizon. Those shares will remain registered in the respective names of the three companies.

The exemption is subject to any terms and conditions stipulated by the SC in its approval letter, KSL said.

In a separate Bursa filing on Monday, KSL said it had completed the dividend reinvestment plan (DRP) for its final dividend after allotting and issuing 35.64 million new shares on Sept 4.

The new shares were listed and quoted on Bursa Malaysia's Main Market on Monday, bringing the total number of KSL shares to 1.129 billion.

..........

EdgeProp monthly brings you data, insights and solutions for an evolving market. Subscribe now for your free copy!