21 May 2012

Boustead Holdings privatises UAC Bhd with RM 85.43 million

(BSTEAD closing price today (21.05.2012) was RM 4.99)

Boustead Holdings Bhd is privatising its 65.21% subsidiary UAC Bhd at RM4.30 per share, which is 49.9% above the latter's five-day volume weighted average market price of RM2.87 on May 18.

Boustead said on Monday the privatisation would be via a proposed selective capital reduction (SCR) and repayment exercise and a proposed dividend by UAC.

UAC's shareholders, excluding Boustead, would receive RM111.3mil cash or RM4.30 per UAC share.

Under the proposed SCR, all entitled shareholders, excluding Boustead, would receive a total cash payment of RM85.43mil, or RM3.30 per UAC share.

Under a proposed dividend, UAC minority shareholders would receive a dividend payment of RM1 (net of tax) per UAC share amounting to RM25.9mil.

The dividend payment is to be funded via internally generated funds of UAC.

Source: www.thestar.com.my


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