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Sunday, April 27, 2008

Saujana Consolidated gets takeover offer

PETALING JAYA: Peremba Panorama Sdn Bhd and parties acting in concert are proposing to acquire the entire stake of hotel and property group Saujana Consolidated Bhd.

It plans to do so upon completion of a proposed acquisition of a 29.19% stake in the company for RM32.13mil cash.

Saujana Consolidated said in a statement yesterday that Peremba Panorama had entered into an agreement with Right-Soft Resources Sdn Bhd, Nik Sufian Mohd Zain, Ekuiti Mantap Sdn Bhd and Rewardwize Sdn Bhd.

The agreement is to acquire 27.13 million shares, representing 24.65% of the issued and paid-up capital of Saujana Consolidated, for RM27.13mil.

It said Peremba Panorama had also entered into an agreement with vendors to acquire Endau Klasik Sdn Bhd's five million shares, or 4.54%, in Saujana Consolidated for RM5mil.

Saujana Consolidated said upon completion of the exercise, Peremba Panorama and parties acting in concert with it would have shareholdings, both direct and indirect, of more than 33%, thereby triggering a mandatory general offer.

The company said Peremba Panorama intended to make a takeover offer for the remaining shares in Saujana Consolidated that it and the parties acting in concert did not already own for RM1 per share.

It added that Peremba Panorama intended to make a takeover offer for Saujana Resort (M) Bhd, a 77.95% subsidiary of Saujana Consolidated.

This will be done via an offer for the remaining Class A shares in Saujana Resort at RM2,500 per share and Class B shares at RM25,500 per share it did not already own.

According to Saujana Consolidated, the shareholders of Peremba Panorama as at April 3 were Peremba Holdings Sdn Bhd, Peremba (M) Sdn Bhd, Tan Sri Mohd Razali Abdul Rahman, Datuk Hassan Abas and Datuk Abu Bakar Mohd Nor.

Mohd Razali is the chairman of Saujana Resort, according to its website. He is also executive chairman of Peremba (M) and sits on the board of PECD Bhd. Abu Bakar is Saujana Consolidated managing director.

According to the latest annual report of construction, energy and property group PECD, Peremba (M) had a 1.33% equity stake in the company, while Saujana Consolidated shareholder Rewardwize had a 1.01% stake, as at May 3 last year.

By The Star

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