Malaysia: offer for UEM Builder, CIMA becomes unconditional

Malaysia: offer for UEM Builder, CIMA becomes unconditional
Published: 09 October 2008

UEM Group Bhd’ takeover offers of UEM Builders Bhd and Cement Industries of Malaysia Bhd (CIMA) became unconditional yesterday.

According statements to Bursa Malaysia here yesterday, the group said it had obtained more than 50% of the voting shares of UEM Builders and CIMA it did not own, making the offer unconditional. The group proposed to acquire all the remaining shares it did not own in UEM Builders and CIMA at RM1.42 a share and RM6.26 apiece, respectively.

UEM Group said the offers to mop up more shares in the companies would close Oct 23, 2008.

As part of a group-wide restructuring exercise, UEM Group has also offered to take over the remaining shares it did not own in Pharmaniaga Bhd and Opus Group Bhd at RM3.61 and RM1.01 per share respectively. UEM Group has ended up with 75.61% in Pharmaniaga and 75.45% in Opus.

Accordingly, Pharmaniaga and Opus will not be in compliance with the Listing Requirements of Bursa Malaysia of ensuring at least 25% of the total listed shares are in the hands of at least 1,000 public shareholders, the company said.

UEM Group said that if the acceptance level at Pharmaniaga and Opus are less than 90% of the paid-up shares, it intended to maintain the listing status of the two companies by rectifying the shareholding spread to comply with the listing requirement.

However, UEM Group said it intended to de-list the two companies if it ends up with 90% or more of the companies.