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RWIL to increase stake in MCT
Published on: Wednesday, January 03, 2018

Kuala Lumpur: Regent Wise Investments Ltd (RWIL) has entered into a conditional share purchase agreement with MCT Bhd's Non-Independent Non-Executive Director Tan Sri Goh Ming Choon to acquire 230.12 million ordinary shares in the company for RM202.50 million or 88 sen per share.

Upon completion of the proposed acquisition, RWIL said its shareholding in MCT would increase to 50.19 per cent from 32.95 per cent, making it the largest single largest shareholder in the company.

"Upon fulfilment of the condition precedent under the agreement, RWIL will be obliged to extend a mandatory takeover offer to acquire all remaining shares, which are not already held by RWIL and person(s) acting in concert with it," MCT said in a filing to Bursa Malaysia Tuesday.

It said the condition precedent involved obtaining a waiver from Bursa Malaysia Securities Clearing Sdn Bhd to allow for 51 per cent of the cash consideration to be settled in tranches to Goh.

"Upon receipt of the notice of offer, the board will appoint an independent adviser to advise the board and holders of the offer shares and provide their comments, opinions, information and recommendation," said MCT. – Bernama

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