Perduren receives takeover offer for RM1.60 per share

PETALING JAYA: Datuk Kamaluddin Abdullah bought majority shareholder Tan Sri Law Tien Seng's 69.3% stake in Perduren (M) Bhd yesterday, triggering a mandatory general offer of the remaining shares he and his joint offerors do not own, at RM1.60 a piece.
Kamaluddin is the son of former Prime Minister Tun Abdullah Ahmad Badawi.
Kamaluddin, together with his spouse Datin Azrene Abdullah and three others, Datuk Mazlin Junid, Ikhmal Mirza Mazlin and Izreen Matalia Mazlin acquired Law's interest in Perduren.
This corporate exercise marks the second takeover offer for Perduren shares in less than a year after Law became its single largest shareholder at RM1.10 per share.
The offer price represents a 20.20% discount on Perduren's five-day volume weighted average market price of RM2.005.
Trading in Perduren shares was suspended from 12.20pm yesterday pending this material announcement. It went down 25 sen or 12.2% to RM1.80 prior to the suspension.
The joint offerors said their intention is to maintain the listing status of Perduren.
Meanwhile, Perduren yesterday also announced that it proposes to dispose of stakes in four subsidiaries to Law for RM81.5 million, in "an opportunity to monetise its assets".
The group is expected to make a gain of RM9.51 million from the disposal.
Law is to pay RM71.8 million, RM1.3 million and RM100,000 for the entire stake in Advantage Equity Sdn Bhd (AESB), Balance Focus Sdn Bhd (BFSD), Grand Sentosa Hotel Management Services Sdn Bhd (GSHSB).
AESB owns Plaza Sentosa in Johor Baru, BFSD is involved in car park operation and GSHSB is involved in the operation of an inn and recreation centre.
Law is also buying a 30% stake in Landmark Zone Sdn Bhd, which is engaged in property development, for RM8.3 million.