By Sharen Kaur
Published in NST on April 11, 2014
MAJUPERAK Holdings Bhd may buy over Perak Corp Bhd after it is taken private by shareholder Perbadanan Kemajuan Negeri Perak (PKNP), sources said.
PKNP, a state-incorporated body under the Perak State Development Corp, intends to privatise Perak Corp via a selective capital reduction and repayment totalling RM183 million, or RM3.90 per share.
PKNP owns 52.27 million shares, or a 52.27 per cent stake, in Perak Corp.
Perak Corp received the proposal from PKNP and three other shareholders to undertake the corporate exercise about three months ago.
The three are Fast Continent Sdn Bhd, Cherry Blossom Sdn Bhd and Perak Equity Sdn Bhd, which together own 0.63 per cent, or 627,150, of Perak Corp shares.
The sources said Majuperak is interested in Perak Corp because of its infrastructure and township-development capabilities, which gel with its expansion strategy.
Perak Corp also owns a 15.73 per cent indirect stake in Integrax Bhd, a company which has valuable and income-generating assets with huge potential, such as Lumut Port.
In fiscal year 2012, port operations contributed RM33.87 million in pre-tax profit to Perak Corp - about 45 per cent of its total earnings.
"Perak Corp is a fast-growing company and if PKNP is willing to sell, Majuperak may consider buying it with shareholders' approval But they are not discussing this matter as yet," said the sources.
Majuperak is involved in property development, renewable energy, manufacturing of bamboo products and oil palm plantations.
Its chairman Tan Sri Megat Najmuddin Megat Khas is not ruling out a move for Perak Corp.
"Maybe we can make it our subsidiary. But it depends on whether PKNP is willing to sell. There are a lot of options on how we can work with Perak Corp as we have common shareholders," he told Business Times.
Datuk Aminuddin Md Desa, who joined Perak Corp as chief executive officer (CE0) last February, is Majuperak's non-executive director.
He is also CEO of PKNP, which holds a majority stake in Majuperak.
Published in NST on April 11, 2014
MAJUPERAK Holdings Bhd may buy over Perak Corp Bhd after it is taken private by shareholder Perbadanan Kemajuan Negeri Perak (PKNP), sources said.
PKNP, a state-incorporated body under the Perak State Development Corp, intends to privatise Perak Corp via a selective capital reduction and repayment totalling RM183 million, or RM3.90 per share.
PKNP owns 52.27 million shares, or a 52.27 per cent stake, in Perak Corp.
Perak Corp received the proposal from PKNP and three other shareholders to undertake the corporate exercise about three months ago.
The three are Fast Continent Sdn Bhd, Cherry Blossom Sdn Bhd and Perak Equity Sdn Bhd, which together own 0.63 per cent, or 627,150, of Perak Corp shares.
The sources said Majuperak is interested in Perak Corp because of its infrastructure and township-development capabilities, which gel with its expansion strategy.
Perak Corp also owns a 15.73 per cent indirect stake in Integrax Bhd, a company which has valuable and income-generating assets with huge potential, such as Lumut Port.
In fiscal year 2012, port operations contributed RM33.87 million in pre-tax profit to Perak Corp - about 45 per cent of its total earnings.
"Perak Corp is a fast-growing company and if PKNP is willing to sell, Majuperak may consider buying it with shareholders' approval But they are not discussing this matter as yet," said the sources.
Majuperak is involved in property development, renewable energy, manufacturing of bamboo products and oil palm plantations.
Its chairman Tan Sri Megat Najmuddin Megat Khas is not ruling out a move for Perak Corp.
"Maybe we can make it our subsidiary. But it depends on whether PKNP is willing to sell. There are a lot of options on how we can work with Perak Corp as we have common shareholders," he told Business Times.
Datuk Aminuddin Md Desa, who joined Perak Corp as chief executive officer (CE0) last February, is Majuperak's non-executive director.
He is also CEO of PKNP, which holds a majority stake in Majuperak.
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