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.