Pun­cak Ni­aga gets nod to buy TRI­plc for RM210mil cash

The Star Malaysia - StarBiz - - News -

PETALING JAYA: Pun­cak Ni­aga Hold­ings Bhd has re­ceived the Se­cu­ri­ties Com­mis­sion’s (SC) nod to ac­quire TRI­plc Group for RM210mil cash.

The wa­ter con­ces­sion­aire is buy­ing the en­tire is­sued share cap­i­tal in TRI­plc from Pimp­inan Eh­san Bhd to en­hance its con­struc­tion rev­enue and long-term growth prospects.

Pun­cak Ni­aga, which has a mar­ket value of RM339.9mil, told Bursa Malaysia that TRI­plc must meet the profit re­quire­ments of the SC’s eq­uity guide­lines of hav­ing an au­dited af­ter-tax profit of at least RM6mil for the fi­nan­cial year ended May 31, 2017, prior to com­mence­ment of the ac­qui­si­tion.

The cor­po­rate ex­er­cise will also en­tail TRI­plc un­der­tak­ing an in­ter­nal re­or­gan­i­sa­tion, which in­volves a pro­posed share ex­change with Pimp­inan Eh­san of new or­di­nary shares of RM1 each on the ba­sis of one-to-one, in line with the pro­posal.

It will also in­volve a pro­posed trans­fer of TRI­plc’s list­ing sta­tus on Bursa Malaysia to Pimp­inan Eh­san.

Pun­cak Ni­aga had been ex­plor­ing op­por­tu­ni­ties to in­crease in­come stream and min­imise de­pen­dency on its ex­ist­ing wa­ter, wastewater-re­lated as well as oil and gas busi­nesses.

As for TRI­plc, it had ear­lier stated that the pro­posed dis­posal was timely as it pro­vided an op­por­tu­nity to un­lock the share value of the com­pany.

The dis­posal con­sid­er­a­tion was RM3.04 per TRI­plc share at a pre­mium of 118.71% over RM1.39, be­ing the last traded price of TRI­plc shares on the last trad­ing day.

Pun­cak Ni­aga’s shares closed up 5 sen or 6.29% at 76 sen yes­ter­day, with about 4.06 mil­lion shares traded.

New ven­tures: Pun­cak Ni­aga has been ex­plor­ing op­por­tu­ni­ties to in­crease in­come stream and min­imise de­pen­dency on its ex­ist­ing wa­ter, wastewater-re­lated as well as oil and gas busi­nesses.

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