[ Back ]     [ Comments ]     [ Print ]

News Admin
News Provider
 Mahamad Rodzi Abdul Ghani
News Source
 Malaysia's KL Kepong makes offer for Ladang shares

KUALA LUMPUR, Dec 14 (Reuters) - Kuala Lumpur Kepong Bhd , one ofMalaysia's biggest palm oil producers, made a mandatory offer on Tuesdayfor shares of a rival producer at 2.85 ringgit ($0.75) each.KL Kepong said the offer for shares of Ladang Perbadanan-Fima Bhd cameafter the company raised its stake in Ladang to 46 percent from 15.4percent previously, activating a 33-percent trigger.

KL Kepong on Tuesday paid 2.85 ringgit a share or 99.7 million ringgit incash for 35 million Ladang shares, taking its stake to 46 percent, thecompany said in a statement.

Ladang shares closed on Monday at 3.10 ringgit. KL Kepong said nettangible assets of Ladang were 1.46 ringgit a share.

"The acquisition is strategic and fits into KL Kepong's objective ofexpanding its interest in plantations," the company said.

Ladang has a total land bank of about 8,171 hectares (20,191 acres) ofwhich 7,665 ha (18,940 acres) is planted.

KL Kepong said it would retain the listing status of Ladang after thetakeover. But it would take steps to ensure at least 25 percent of theshares would be in public hands.

KL Kepong shares closed 0.7 percent down at 6.95 ringgit. ($1=3.8 ringgit)

Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
Tel : 603 - 7802 2800 || Fax : 603 - 7803 3533