KUALA LUMPUR: OSK Holdings Bhd’s voluntary takeover offer for PJ Development Bhd (PJD) shares has become mandatory as of Tuesday, as its shareholding in the property and construction firm has exceeded 33%.
OSK Holdings told Bursa Malaysia that the terms and conditions of its offer remained as set out in the earlier takeover notice (at RM1.56 per share and 60 sen per warrant).
OSK Holdings had in October last year signed agreements to acquire a 31.7% in PJD for RM229.37mil or RM1.60 per share and a 73.6% stake in OSK Property for RM55.29mil or RM2 per share. It also proposed to acquire the remaining PJD shares and warrants at RM1.60 and 60 sen respectively)
Pursuant to the declaration of a 4 sen interim dividend per PJD share, the offer price for PJD shares was revised to RM1.56 in April this year.
The mandatory general offer (MGO) for PJD shares on Tuesday follows OSK Holdings’ notice of unconditional mandatory takeover offer for OSK Property last month.
PJD shares closed 1 sen lower at RM1.54 on Tuesday while OSK Holdings shares gained 1 sen to RM1.80.
Besides property and construction, PJD is also involved in manufacturing (canles, wires and building materials) and hotel management focusing on the Swiss-Garden brand,