MARKET DEVELOPMENT
Kulim\'s Offer For NBPOL Still Facing Restrictions From PNG Regulator
Kulim\'s Offer For NBPOL Still Facing Restrictions From PNG Regulator
29/08/2013 (The Star) - Kulim (M) Bhd is still facing restrictions from the Securities Commission of Papua New Guinea (PNG) although its partial general offer for New Britain Palm Oil Ltd’s (NBPOL) shares has closed for acceptances.
In a filing with Bursa Malaysia, Kulim said the partial offer had closed for acceptances in PNG and would close at 1pm UK time on Aug 28 for acceptances received within the United Kingdom.
The planter said various correspondence had been exchanged between Kulim and the PNG regulator to seek clarification and have the orders removed.
On Aug 27, the PNG Trade, Commerce and Industry Minister had approved an amendment to a PNG Code, enabling the Securities Commission of PNG to prevent the takeover of a company under its jurisdiction, where the Securities Commission had deemed such a takeover to be contrary to the national interest of PNG. The amendment to the code was intended to come into effect on Aug 27.
Following this, the commission has issued orders under the amended code on substantially the same terms as those made by it on Aug 20.
After due deliberation, Kulim has commenced proceedings in the National Court of PNG to have the orders set aside and enable it to complete the partial offer. At the time of the announcement, a total of 4.88 million acceptances, representing 3.26% of the total shares outstanding in NBPOL, had been received.
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.
In a filing with Bursa Malaysia, Kulim said the partial offer had closed for acceptances in PNG and would close at 1pm UK time on Aug 28 for acceptances received within the United Kingdom.
The planter said various correspondence had been exchanged between Kulim and the PNG regulator to seek clarification and have the orders removed.
On Aug 27, the PNG Trade, Commerce and Industry Minister had approved an amendment to a PNG Code, enabling the Securities Commission of PNG to prevent the takeover of a company under its jurisdiction, where the Securities Commission had deemed such a takeover to be contrary to the national interest of PNG. The amendment to the code was intended to come into effect on Aug 27.
Following this, the commission has issued orders under the amended code on substantially the same terms as those made by it on Aug 20.
After due deliberation, Kulim has commenced proceedings in the National Court of PNG to have the orders set aside and enable it to complete the partial offer. At the time of the announcement, a total of 4.88 million acceptances, representing 3.26% of the total shares outstanding in NBPOL, had been received.
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.