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.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.