MARKET DEVELOPMENT
Sime Darby to Compulsorily Acquire Remaining NBPOL Shares
Sime Darby to Compulsorily Acquire Remaining NBPOL Shares
25/03/2015 (The Star) - Sime Darby Bhd’s unit will compulsorily acquire all the remaining New Britain Palm Oil Ltd (NBPOL) shares where it has not received the acceptances.
Sime Darby said Sime Darby Plantation Sdn Bhd (SDP) had decided to exercise its right under the Papua New Guinea Takeovers Code 1998.
SD Plantation had on Tuesday despatched an acquisition notice to the holders of the outstanding shares to compulsorily acquire the outstanding shares and the holders within 21 days that is by April 14, 2015.
After the completion of the compulsory acquisition, NBPOL will become a unit of Sime Darby.
“In addition, under the Listing Rules of the Port Moresby Stock Exchange Ltd, Sime Darby expects that NBPOL shares will be suspended from trading on March 31, 2015 and that NBPOL will be automatically removed from the Official List of the exchange at the close of trading on April 7, 2015,” it said.
To recap, on Oct 9 last year, Sime Darby launched a conditional general offer (GO) to acquire all stakes in NBPOL, which is based in Papua New Guinea (PNG), at £7.15 (RM38.70) per share or £1.07bil in cash.
The GO will be subject to Sime Darby receiving a minimum acceptance of 51% of the NBPOL shares, an assurance that the offer will not be contrary to PNG’s national interest, and meeting the regulatory requirements by the LSE, the Port Moresby Stock Exchange, the PNG government and Bursa Malaysia.
Sime Darby said Sime Darby Plantation Sdn Bhd (SDP) had decided to exercise its right under the Papua New Guinea Takeovers Code 1998.
SD Plantation had on Tuesday despatched an acquisition notice to the holders of the outstanding shares to compulsorily acquire the outstanding shares and the holders within 21 days that is by April 14, 2015.
After the completion of the compulsory acquisition, NBPOL will become a unit of Sime Darby.
“In addition, under the Listing Rules of the Port Moresby Stock Exchange Ltd, Sime Darby expects that NBPOL shares will be suspended from trading on March 31, 2015 and that NBPOL will be automatically removed from the Official List of the exchange at the close of trading on April 7, 2015,” it said.
To recap, on Oct 9 last year, Sime Darby launched a conditional general offer (GO) to acquire all stakes in NBPOL, which is based in Papua New Guinea (PNG), at £7.15 (RM38.70) per share or £1.07bil in cash.
The GO will be subject to Sime Darby receiving a minimum acceptance of 51% of the NBPOL shares, an assurance that the offer will not be contrary to PNG’s national interest, and meeting the regulatory requirements by the LSE, the Port Moresby Stock Exchange, the PNG government and Bursa Malaysia.