Kumpulan Perangsang’s associate receive takeover offer for entire stake in Sprint

KUALA LUMPUR: Kumpulan Perangsang Selangor Bhd’s 20 per cent associate, Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint) has received takeover offer for the acquisition of all securities including ordinary shares, preference shares and loan stocks of Sprint worth RM1.98 billion.

In a statement yesterday, Perangsang Selangor said the offer to be undertaken by Minister of Finance Inc’s wholly owned special purpose company (SPV), was conditional upon satisfactory due diligence findings, approvals from the cabinet and other relevant parties including authorities and shareholders.

“The offer to Sprint shall remain open for acceptance until 5pm on July 12, 2019,” it said.

Perangsang Selangor managing director/group chief executive officer Ahmad Fariz Hassan said the proposed acquisition of Sprint was undoubtedly a positive corporate development for the group.

“Monetising the non-core asset will position us a step closer to moving in the intended direction and ensuring the strategic business alignment at the group level.

“This will further streamline our effort in growing the core businesses, allowing us to focus on a tighter scope of activities, consistent with our business aspiration and future business direction,” he said.

Given the anticipated equity value of Sprint being at approximately RM870 million, with 20 per cent effective equity interest, Perangsang Selangor’s share of the anticipated equity value stands at RM174 million.