MPHB seeks 100% ownership in Magnum
After much speculation on the reason of suspension since yesterday 2.30pm, Multi-Purpose Holdings Bhd ( MPHB ) finally unveil its answer. An memorandum of understanding (MOU) was signed with two parties (as elaborate further below) seeking to take over its associate Magnum Holdings Bhd. This would cost MPHB around RM1.65 billion to complete the exercise. MOU with CVC Capital Partners Asia Pacific group To acquire the remaining 49% stake in Magnum To acquire RM674.65 mil nominal value RCULS-C Total costing RM1.627 billion Acquisitions via 343.82 mil new MPHB shares at RM2.30 each and RM 809.20 mil cash MOU with Management of Magnum To acquire 2 mil magnum shares or 2% equity interest To acquire RM4.86 mil nominal value of RCULS-C together with all accrued interest remaining unpaid Total purchase costing RM37.20 mil Acquisitions via 16.17 mil new MPHB shares at RM2.30 each What is the rationale behind? MPHB said the proposed acquisition will enable MPHB to have 100% ownership in Magnum ...