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Saturday, December 3, 2011

SP Setia proposes formalisation deal

KUALA LUMPUR: Permodalan Nasional Bhd (PNB), SP Setia Bhd and Tan Sri Liew Kee Sin have proposed to enter into an agreement to formalise the incentives and management rights relating to the management and general conduct of the business of SP Setia group.

In a filing with Bursa Malaysia, SP Setia said Maybank Investment Bank Bhd had submitted an application for the proposed arrangement to the Securities Commission yesterday.

It was previously reported that PNB, the major shareholder of SP Setia, had proposed to take over the property developer.

The national and largest fund manager had acquired 9,139,800 shares in SP Setia in the open market for RM3.88 each. It had also bought 1,059,300 warrants of SP Setia for 89.5 sen each.

By Bernama

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