KUALA LUMPUR: Tanah Makmur Bhd’s major shareholder, the Tengku Mahkota of Pahang Tengku Abdullah Sultan Ahmad Shah, has upped his takeover offer for the company to RM1.90 apiece from RM1.80 earlier. The revised terms value Tanah Makmur at RM756.5 million. Of this total, Tengku Abdullah owns 50.84 million or 12.77% of Tanah Makmur shares. Under the proposed SCR, Tanah Makmur will reduce the par value of its shares from 50 sen to 25 sen, thus creating additional share premium reserve. A bonus issue was also proposed as the number of Tanah Makmur shares to be cancelled was higher than the existing issued capital.

Source: The Edge Markets October 26, 2016 02:03 UTC