Permodalan Nasional Bhd (PNB), which has made an mandatory general offer to take over property developer, SP Setia Bhd, is accumulating the shares in the open market.
In a filing to Bursa Malaysia, SP Setia said PNB has bought 23.5 million shares in the open market at RM3.868 a share, about four sen below the RM3.90 price PNB offered for the remaining shares that it did not own.
PNB, as of yesterday owned 33.17 per cent stake in SP Setia, which triggered the mandatory general offer.
SP Setia founder, Tan Sri Liew Kee Sin, has 11.26 per cent stake and SP Setia foreign shareholding now stood at 21 per cent.
At 12.30pm, SP Setia shares were up one sen to RM3.88.
News Source: Bernama