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Monday, October 10, 2011

PNB not taking active role in SP Setia

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) has given its assurance that Tan Sri Liew Kee Sin will continue to lead SP Setia Bhd as the company's CEO.

In a joint statement to Bursa Malaysia, PNB said its role in its investee companies is mainly through board representation while the day-to-day operations are left to professional managers.

"PNB is an investment fund and its role is to look out for good companies to invest in and not to manage these companies," it said.

The statement said PNB president and group CEO Tan Sri Hamad Kama Piah Che Othman had met Liew on Friday to “personally reassure him of PNB's best intentions for SP Setia."

“PNB is also committed, once markets stabilize, to maintain an appropriate shareholding spread with the capacity to attract not just local but also foreign institutional funds and retail participation,” it added.

In September, PNB had launched a takeover offer for SP Setia for RM3.90 cash per share and 91 sen per warrant after its shareholding surpassed the 33% threshold.

Since then, PNB has steadily acquired shares through the open market, with the most recent acquisition indicated in a Bursa Malaysia filing this morning that showed the state investment firm added 9.14 million shares at an average of RM3.89 apiece and 1.06 million warrants at 89.5 sen apiece.

SP Setia shares were traded at RM3.89 at 3pm.

By The Star

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