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KUALA LUMPUR, Sept 14 -- Johor Corporation Bhd (JCorp), through special purpose vehicle Absolute Ambient Sdn Bhd (AASB), has proposed to buy 49.57 per cent equity interest in facilities management and property development firm Damansara Holdings Bhd (DHB) for RM78.91 million.
AASB entered into a conditional agreement today to acquire the 157.82 million shares from DHB’s largest shareholder, Seaview Holdings Sdn Bhd, for 50 sen each, DHB said in a filing with Bursa Malaysia.
JCorp, which incorporated AASB to undertake the proposals, already has an indirect stake of 13.81 per cent in DHB.
The collective shareholdings of AASB, JCorp and persons acting in concert with them (PAC) in DHB would increase to about 63.38 per cent, CIMB Investment Bank said in a statement on behalf of AASB.
When the agreement becomes unconditional, AASB will have to make a mandatory takeover offer for the remaining DHB shares not already owned by AASB, JCorp and PAC.
"JCorp recognises that the DHB group’s business is complementary to its existing businesses under its real estate and infrastructure segment.
"The proposed acquisition provides an opportunity for the JCorp group to consolidate and expand its capability and footprint of its existing property management and facilities management business," CIMB said.
DHB shares closed nine sen higher at 49 sen today, with 15.25 million shares transacted.
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