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Saturday, February 18, 2012

SC declines ruling application by joint offerors of SP Setia

PETALING JAYA: The Securities Commission (SC) has declined a ruling application sought by the joint offerors of SP Setia Bhd, which they will not appeal.

However, the decision has no material impact on the joint offer made by Permodalan Nasional Bhd (PNB) and SP Setia founder Tan Sri Liew Kee Sin for the rest of the company’s shares.

“Notwithstanding the above, the terms and conditions of the revised offer remain unchanged as per the notice,” SP Setia said in an announcement to Bursa Malaysia.

Last month, PNB and Liew became joint bidders for the property giant, raising the offer price to RM3.95 per share and 96 sen per warrant, up from RM3.90 and 91 sen before.

SP Setia added that the offer document for the revised offer would be despatched within two days after it had obtained clearance from the SC.

The company had told the stock exchange on February 10 that it applied for a ruling with respect to the concert-party relationship of the joint offerors with one another and with various other persons that was submitted to the SC on January 25.

By The Star

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