JLand gets offer from JCorp and Damansara Assets

KUALA LUMPUR: Johor Land Bhd (JLand) has received a voluntary takeover offer from Damansara Assets Sdn Bhd and Johor Corp (joint offerors) to acquire the remaining 58.1 million shares of RM1 each in JLand not already owned by them for RM1.55 per share in cash.

In a filing with Bursa Malaysia yesterday, JLand said its board of directors “does not intend to seek an alternative person to make a take-over offer for the offer shares.”

“In accordance with the Malaysian Code on Take-Overs and Mergers, 1998, the board will appoint an independent adviser to advise the independent directors and minority shareholders of JLand in relation to the offer,” it said in a statement.

As of March 31, the joint offerors held 172.9 million JLand shares or about 74.85% stake.

Johor Corp group chief executive Tan Sri Muhammad Ali Hashim directly holds 100,360 shares representing about 0.04% of JLand.

JLand closed five sen higher at RM1.52 yesterday with 375,200 shares changing hands.

By The Star