Ananda Krishnan launches privatisation bid for Tanjong at RM21.80 per share

KUALA LUMPUR: Tanjong Capital Sdn Bhd (TCSB), a vehicle linked to Malaysian tycoon T Ananda Krishnan, is launching a conditional takeover offer for Tanjong plc to acquire all of the latter’s ordinary shares of 7.5 pence each for a cash offer price of RM21.80 apiece, it said in a Bursa filing on Friday, July 30.

TCSB had on July 30 obtained irrevocable undertakings from parties acting in concert with TCSB, including the reclusive billionaire’s investment vehicle Usaha Tegas, to accept the offer for all of their Tanjong shares totalling 189.38 million shares, or 46.96%.

Tanjong has interests in power generation, gaming, leisure and property investment, the latter via its 67%-owned subsidiary Impian Klasik Sdn Bhd.

Impian Klasik owns Menara Maxis, a 49-storey office tower along Jalan Ampang within the prime Kuala Lumpur City Centre area, according to Tanjong’s latest annual report.

On July 28, Measat Global Network Systems Sdn Bhd (MGNS) had launched a takeover of Measat Global Bhd to acquire all the ordinary shares of 78 sen each not already held by MGNS at RM4.20 per share.

Holding a 59.56% stake, MGNS is the single-largest shareholder in Measat Global. Its controlling shareholder is Ananda.