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Monday, February 25, 2008

MTD Capital units to be bought out

MALAYSIAN engineering and construction firm MTD Capital Bhd signalled today a buyout bid for its two listed property and toll-road units.

MTD Capital suspended its shares from trade, saying it would soon announce a large deal that would involve a buyout of property and infrastructure firm Metacorp Bhd and tollroad company MTD Infraperdana Bhd.

MTD Capital owns 72.3 per cent of MTD Infraperdana, the country’s second-largest toll-road concessionaire, and 75 per cent of Metacorp, which specialises in property development and waste management, according to Reuters data.

MTD Infraperdana has a market value of almost RM800 million (US$250 million), while Metacorp is valued at RM295 million. The shares in both these firms have also been suspended.

MTD Capital said today its shares would be halted from trade pending “announcement of a material transaction which involves its two public-listed subsidiaries, namely Metacorp Bhd and MTD Infraperdana Bhd, being taken private”.

By Reuters

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