(BJCORP closing stock price yesterday (3.5.2012) was 80.5 sen)
(ATLAN closing stock price yesterday (3.5.2012) was RM 4.40)
Berjaya Corp Bhd has acquired 20 million shares or 7.9 per cent stake in Atlan Holdings Bhd (AHB) for RM85 million or RM4.25 per AHB share.
With the acquisition, BCorp, a diversified group, now holds 23.23 million AHB shares, representing 9.18 per cent of the AHB voting shares.
Bcorp told Bursa Malaysia that the acquisition will give it an opportunity to own a strategic stake in the profitable AHB group.
The group expects its investment in AHB to contribute positively to its future earnings.
AHB is involved in property investment and development, hospitality and lifestyle, as well as duty-free trading and retailing.
BCorp entered into a conditional share purchase agreement with Cipta Nirwana (M) Sdn Bhd for the proposed acquisition of 40 million AHB shares or 15.8 per cent of the AHB voting shares, for RM170 million or RM4.25 per AHB share.
It said that the acquisition will be satisfied by the issuance of RM170 million nominal value of five-year five per cent irredeemable convertible unsecured loan stocks in BCorp at 100 per cent its nominal value together with 170 million detachable warrants in the group.
BCorp said with the completion of the acquisition, it will hold 63.23 million AHB shares, representing 24.97 per cent of AHB voting shares.
This will make BCorp an associate company of AHB.
Source: www.btimes.com.my
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