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Friday, July 13, 2012

CapitaLand sells stake in UMLand

KUALA LUMPUR: Singapore’s CapitaLand sold its 20.75 per cent stake in United Malayan Land Bhd (UMLand) to a private firm, Seleksi Juang Sdn Bhd, that is now making a takeover offer for the rest of UMLand.

It intends to take UMLand private at RM2.50 a share, a 5.9 per cent premium to its last traded share price of RM2.36.

It bought the stake from CapitaLand also at RM2.50 a share, or RM156.45 million in total, in a direct business transaction yesterday.

Seleksi Juang’s shareholders include Datuk Ng Eng Tee, who is UMLand’s major shareholder and deputy chairman and executive director.

By Business Times

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