Wednesday, September 28, 2011

SP Setia gets takeover offer notice from PNB

KUALA LUMPUR: S P Setia Bhd has received a notice of take-over offer from Permodalan Nasional Bhd, who is a major shareholder, confirming a report by The Edge FinancialDaily.

S P Setia said on Wednesday, Sept 28 that PNB had informed the company of its obligation to extend a conditional take-over offer.

Trading of the property developer’s securities was suspended from 9am to 5pm on Wednesday.

The Edge FinancialDaily said S P Setia might be taken private near the current price of RM3.50 per share.

The stock rallied nearly 13% or 40 sen on Tuesday, with volume more than doubling to 7.4 million shares from 3.38 million units the previous day.

PNB, the Employees Provident Fund and Kumpulan Wang Persaraan (KWAP) collectively hold 47%. PNB holds 28.51%, the EPF 13.39% and KWAP 5%.

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