KUALA LUMPUR: Ambang Sehati Sdn Bhd’s takeover offer for Bandar Raya Developments Bhd (BRDB) has gone unconditional after it secured a 61.25% equity stake in the developer yesterday.
The company, which already has an 18.25% stake in BRDB managed to secure additional acceptances of a 43% stake in the latter as of yesterday. Its offer of RM2.90 per BRDB share and RM1.80 per warrant had been conditional on securing at least a 50% acceptance.
Independent adviser AmInvestment Bank had said Ambang Sehati’s offer at RM2.90 per share was not a fair deal but a reasonable one.
The offer comes at a 23.88% discount to BRDB’s net assets per share of RM3.81 as at March 31. The takeover will cost Ambang Sehati approximately RM1.17 billion.
Ambang Sehati had previously attempted to acquire selected property assets from BRDB last September for RM914 million, which was to be settled with RM430 million cash and the assumption of RM484 million in the assets’ net liabilities.
The assets that were considered included Bangsar Shopping Centre, Menara BRDB, CapSquare Retail Centre and Permas Jusco Mall.
Meanwhile, Ambang Sehati managed to secure 16.16% acceptance for BRDB’s warrants on top of the 19.72% it already owns.
The offer for BRDB’s shares will expire on Oct 4, while its offer for the warrants will expire earlier, on Sept 26, to coincide with the warrants’ expiry date.
This is appeared in The Edge Financial Daily on 21 September, 2012.

