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Friday, December 28, 2007

Tradewinds gets nod to sell TWS stake

KUALA LUMPUR: Tradewinds Corp Bhd has received approval at its EGM to sell its entire 53% stake in Tradewinds (M) Bhd (TWS) to shareholders.

The EGM had also approved its plan to acquire three companies with a combined landbank of 362.8ha in Bandar Nusajaya, Johor for RM145mil, it said in a statement yesterday.

It said Tradewinds shareholders would be offered 142 TWS shares for every 1,000 Tradewinds shares held.

“The offer price of RM3.80 per share is at more than 20% discount to the share price of Tradewinds, which stood at RM4.84 on Dec 24,” the statement said.

TWS is a holding company for the plantation and sugar refining operations.

Tradewinds chairman Datuk Seri Megat Najmuddin said the demerger would allow the company to focus on its property and hotel divisions and also pare down the group’s debts to RM760mil from RM2.4bil currently.

He said the land in Bandar Nusajaya was strategically located within the Iskandar Development Region (IDR) and was earmarked for a mixed residential development with an estimated gross development value of RM2.1bil.

“Given the Government’s commitment to the IDR and the level of private interestin the area, we are confident that our proposed project in Johor will be successful,” he said.

By Bernama

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