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YTL Power to acquire 31.42% share in Ranhill for RM405.18 mil cash | Scoop
YTL Power said the acquisition represents an opportunity to acquire a mature business that complements its utilities portfolio both geographically and operationally. – Pixabay pic, May 28, 2024
News

YTL Power to acquire 31.42% share in Ranhill for RM405.18 mil cash

The proposed acquisition is expected to be completed in June 2024

Bernama
Updated
1:39 PM MYT

 

KUALA LUMPUR – YTL Power International Bhd’s (YTLPI) indirect 70% owned unit, SIPP Power Sdn Bhd, has proposed to acquire about 31.42% stake in Ranhill Utilities Bhd for RM405.18 million in cash, equivalent to 99.5 sen per share.

Upon completion, SIPP Power’s direct shareholding in Ranhill will increase to about 34.32% from 2.90%, subsequently triggering an unconditional mandatory takeover offer (MTO) to acquire all the remaining shares in the water supply services provider.

In a filing with Bursa Malaysia today, YTLPI said SIPP Power has entered into an unconditional share purchase agreement with Tan Sri Hamdan Mohamad, Hamdan Inc (Labuan) Pte Ltd and Hamdan (L) Foundation today for the proposed acquisition.

“Collectively with YTLPI, their aggregate direct shareholding in Ranhill will increase to about 53.19% from 21.77%,” it said.

It said the proposed acquisition and the MTO will be funded via internally generated funds.

“Barring any unforeseen circumstances, the proposed acquisition is expected to be completed in June 2024, while the MTO is expected to be completed by the third quarter of 2024,” it said.

YTLPI said the acquisition represents an opportunity to acquire a mature business, operating in segments closely correlated with the group’s existing core competencies, complementing its utilities portfolio both geographically and operationally.

“The transactions will contribute positively to the future financial performance of the group,” it said.

Trading of both YTLPI and Ranhill’s shares was suspended from 9am today pending the announcement.

Yesterday, YTLPI ended the trading day one sen higher at RM4.96, while Ranhill finished 12 sen higher at RM1.57 per share. – May 28, 2024

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