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PNB, Liew now collectively own 78.9pc stake in SP Setia

April 7th, 2012 · No Comments

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) and Tan Sri Liew Kee Sin now jointly own 78.95 per cent of SP Setia Bhd.

This is after the compulsory general offer (MGO) for SP Setia by PNB and Liew, as joint offerors, ended on March 19 this year.

As a result, SP Setia will appeal to Bursa Malaysia for an acceptance of a lower public shareholding spread, PNB and Liew said in a joint statement yesterday.

The collective shareholding of PNB and the unit trust funds under its management rose from 32.99 per cent in September 2011 to 70.71 per cent as of March 19, while Liew maintains his 8.24 per cent direct stake in SP Setia.

The MGO was activated  in September last year when PNB and parties acting in concert with it increased their combined stakes to 33.17 per cent, a little above the 33 per cent threshold for triggering MGOs.

PNB and Liew yesterday reassert their promise to maintaining SP Setia’s listing and standing as the foremost Malaysia property developer on Bursa Malaysia.

PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman and Liew said they will also work with advisers and SP Setia to discover all probable options to bring back its public shareholding spread.

“We are happy that this exercise concluded satisfactorily. We believe that SP Setia will continue to perform well, and be a significant contributor to the investment portfolio of PNB and the unit trust funds under its management, which will benefit our 10.7 million account holders,” Hamad Kama said in the statement.

Liew, for the time being, said that the joint offerers are looking forward to continue building based on the strong success of SP Setia. They can do this  by intensifying its property sales. “We are confident we will be able to see sustained growth in the remaining quarters of this financial year,” he added.

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