SP Setia proposes formalisation pact

Permodalan Nasional Bhd (PNB), SP Setia Bhd and Tan Sri Liew Kee Sin are proposing 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 of companies.

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

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

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

By Bernama