UEM Land receives acceptances for 96.42% in Sunrise

KUALA LUMPUR: UEM Land Holdings Bhd has received acceptances for 477.64 million Sunrise Bhd shares at a takeover offer price of RM2.80 per share, representing a 96.42% stake in the company at the close of the offer period.

CIMB Investment Bank Bhd, on behalf of UEM Land, on Monday, Jan 10 told Bursa Malaysia that 238.2 million ordinary shares of 50 sen each in the company and 837.1 million redeemable convertible preference shares (RCPS) of one sen each had been or will be issued as consideration for its offer.

"Further, UEM Land intends to proceed to invoke Section 222 of the Capital Markets and Services Act, 2007 to compulsorily acquire any remaining offer shares for which valid acceptances have not been received under the offer," it said.

"Accordingly, the total number of UEM Land shares that have been/will be issued will increase to 261.9 million upon completion of the compulsory acquisition."

In November last year, UEM Land had proposed a conditional offer for Sunrise at RM2.80 per share, valuing the whole of Sunrise at RM1.39 billion.

Sunrise's shareholders were offered two options for each of their Sunrise share: a straight share-swap exercise of 1.33 UEM Land shares priced at RM2.10 per share, or 2.8 RCPS in UEM Land at an issue price of RM1.

Sunrise's shares were suspended from trading on Jan 3 and were last traded at RM3.12 per share. Meanwhile, UEM Land ended 10 sen higher on Monday to RM2.99, on total volume of 15.9 million shares.