Major shareholders launch takeover of GCorp at RM1.70 a share

KUALA LUMPUR: Two major shareholders of General Corp Bhd (GCorp) have launched a takeover of the company for RM505 million or RM1.70 per share.

GCorp said on Tuesday, April 27 it had received a letter from Consistent Record Sdn Bhd, a company owned by
Tan Sri Low Keng Huat and Datuk Marco Low Peng Kiat, to acquire GCorp's entire business and undertaking (including all of the assets and liabilities).

Consistent Record had stated in the letter certain family members of the shareholders and the shareholders intend to transfer their 32% stake in GCorp to Consistent Record.

The consideration for the proposed acquisition of about RM505 million will be settled by RM292 million cash and about RM213 million which Consistent Record owed to GCorp.

GCorp share price closed three sen higher at RM1.59. -- The Edge Financial Daily