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PNB and Liew's stake in S P Setia reaches 78.95%

KUALA LUMPUR (Mar 20): Permodalan Nasional Bhd (PNB) and Tan Sri Liew Kee Sin together with parties acting in concert (PAC) have increased their holdings in S P Setia Bhd to 1.52 billion shares or 78.95% as at on Monday, the final closing date for the takeover offer.

PNB and Liew, who are the joint offerors and PAC had increased their stake in the property developer from 47.6% as at the posting date of the takeover offer.

In order to maintain the company's listing status, in which the required minimum public shareholdings spread is 25%, S P Setia told Bursa Malaysia on Monday that the joint offerors will apply to the regulator for acceptance of a lower public shareholding spread or for an extension of time for them to explore various options or proposals to rectify the public spread within three months from Mar 19.

S P Setia closed three sen lower to RM3.89 on Monday, compared with the takeover offer which priced the stock at RM3.95 per share.

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