Hunza hits 5-year high on revised privatisation offer

KUALA LUMPUR (Aug 5): Hunza Properties Bhd rose by 14 sen this morning to a five-year high of RM2.77, as the group announced yesterday that its major shareholder has revised its offer price for the proposed privatisation of the Penang-based property firm to RM2.90 a share, from RM2.50 previously.

Hunza said it had received a letter yesterday from Khor Teng Tong Holdings Sdn Bhd to revise the offer price for the proposed selective capital reduction and repayment (SCR) to RM2.90 for each existing Hunza share held by the entitled shareholders, or RM267.6 million in total, from RM230.7 million previously.

To recap, Khor Teng Tong Holdings had in March this year expressed its intention to take Hunza private through an SCR. Khor Teng Tong Holdings and its parties acting in concert now collectively hold a 59% stake in Hunza.

Hunza’s other substantial shareholders are Lembaga Tabung Haji, which owns 7.28%, and Yayasan Bumiputra Pulau Pinang (6.45%).

At 10.14am today, Hunza shares were trading up 4.1% at RM2.74, with 1.07 million shares traded.