MARKET DEVELOPMENT
Kulim Stopped From Acquiring More NBPOL Shares
Kulim Stopped From Acquiring More NBPOL Shares
21/08/2013 (The Star) - The Papua New Guinea (PNG) market regulator has ordered plantation company Kulim (M) Bhd from acquiring any more shares or from taking any steps to complete the acquisition of shares in New Britain Palm Oil Ltd (NBPOL).
RHB Investment Bank Bhd said in a Bursa Malaysia announcement on behalf of Kulim’s board that the PNG Securities Commission had also ordered Kulim to stop further publication of the company’s partial takeover bid or offer on any print media, electronic media, televisions or any form of media including the social media as well as exercising any right to vote attached to any shares the company already held in NBPOL.
The investment bank said no specific reason was given by the regulators in relation to the orders, which included preventing PNG Registry Ltd from registering and transferring any shares in NBPOL from any shareholders to Kulim.
It added that the Kulim board would determine the next course of action upon clarification and consultation with the Papuan market regulator and the company’s solicitors.
The orders issued by the Papuan authorities expires on Sept 10.
Kulim had in June proposed to raise its stake in NBPOL by a further 20% or 30 million shares via a partial offer at £5.50 per share for the London-listed company whose operations are located in PNG and the Solomon Islands.
RHB Investment Bank Bhd said in a Bursa Malaysia announcement on behalf of Kulim’s board that the PNG Securities Commission had also ordered Kulim to stop further publication of the company’s partial takeover bid or offer on any print media, electronic media, televisions or any form of media including the social media as well as exercising any right to vote attached to any shares the company already held in NBPOL.
The investment bank said no specific reason was given by the regulators in relation to the orders, which included preventing PNG Registry Ltd from registering and transferring any shares in NBPOL from any shareholders to Kulim.
It added that the Kulim board would determine the next course of action upon clarification and consultation with the Papuan market regulator and the company’s solicitors.
The orders issued by the Papuan authorities expires on Sept 10.
Kulim had in June proposed to raise its stake in NBPOL by a further 20% or 30 million shares via a partial offer at £5.50 per share for the London-listed company whose operations are located in PNG and the Solomon Islands.