No more YTL-E, It will be delisted.
Take over by YTL.
YTL’s takeover offer for YTL e-Solutions turns unconditional
By Yimie Yong / theedgemarkets.com | August 29, 2016 : 10:58 PM MYT
KUALA LUMPUR (Aug 29): YTL Corp Bhd’s takeover offer for YTL e-Solutions Bhd has turned unconditional today, after Bursa Malaysia granted several approvals to YTL Corp, which has secured a 75.71% stake in YTL e-Solutions.
Bursa granted its approval on the listing of and quotation for up to 116.08 million new ordinary shares in YTL Corp on the Main Market, as well as a waiver from having to seek its shareholders’ approval for the issuance of the new shares to its directors, major shareholders and/or persons connected to them, who are also holders of the offer shares, upon acceptance of the offer.
“The offer is not conditional upon any minimum level of acceptances. Following the above, all conditions of the offer have been fulfilled and the offer has become unconditional on Aug 29, 2016,” it added.
As at 5 p.m., the offeror, YTL Corp, holds 75.71% of the issued and paid-up share capital (excluding treasury shares) of YTL e-Solutions.
In view of that, YTL e-Solutions, an information, communications and technology entity, is in non-compliance with the public shareholding spread requirement of the ACE Market listing requirements of Bursa Malaysia, as its public shareholding spread is below the required 25% threshold.
To recap, YTL e-Solutions announced on July 26 that YTL Corp intended to buy the remaining shares in YTL e-Solutions at 55 sen each, by issuing new shares at RM1.65 each, based on an exchange ratio of about 0.333 YTL Corp share for each YTL e-Solutions unit.
The offer will remain open for acceptances up to 5 p.m. on Sept 15. YTL Corp does not intend to maintain the listing status of YTL e-Solutions.
Shares of YTL e-Solutions closed 0.5 sen or 0.92% higher at 55 sen today, for a market capitalisation of RM742.5 million.
Meanwhile, YTL Corp traded unchanged at RM1.70 today, valuing it at RM18.35 billion.