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Saturday, November 7, 2009

Damansara Realty to transfer listing status to unit

PETALING JAYA: Damansara Realty Bhd (D Bhd) has proposed to implement a restructuring exercise that will eventually lead to the transfer of its listing status to subsidiary Insan Kualiti Sdn Bhd (IKSB).

“The proposed corporate restructuring offers an opportunity for existing D Bhd shareholders to participate in the potential new businesses to be injected into (IKSB), particularly the Tanjung Langsat Industrial Area and Tanjung Langsat port services operations,” D Bhd told Bursa Malaysia yesterday.

Under the plan, D Bhd proposed to exchange all of its 250 million shares for new shares in IKSB plus cash, on the basis of 0.6 new IKSB share plus 32 sen cash for every one D Bhd share held.

In the meantime, IKSB will acquire Tanjung Langsat Port Sdn Bhd (TLP) for RM249.05mil and TPM Technopark Sdn Bhd for RM54.80mil from Johor Corp (JCorp).

The total purchase price of RM303.85mil will be partly settled via the issuance of 229.73 million new IKSB shares to JCorp at 80 sen each. IKSB will then sell all 250 million D Bhd shares to JCorp for RM200mil to be satisfied by RM80mil cash, while the balance RM120mil will be off-set from the acquisitions of TLP and TPM.

IKSB will then assume D Bhd’s listing status.

The whole exercise is targeted for completion by the third quarter of next year.

By The Star (by IZWAN IDRIS)

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