09 July 2012
MMC Corporation to privatise Aliran Ihsan Resources Bhd by acquiring the outstanding shares at RM1.84 each for RM181.12mil.
MMC Corporation Bhd is privatising its 62.82% owned Aliran Ihsan Resources Bhd (AIRB) by acquiring the outstanding shares at RM1.84 each for RM181.12mil.
MMC, which owns 166.30 million AIRB shares, said on Monday it had served a letter to AIRB's board on its plans to privatise the company via a selective capital reduction (SCR) and repayment exercise.
Under the corporate exercise, the paid-up of AIRB of RM264.74mil comprising 264.74 million would be reduced to RM83.62mil comprising of 83.62 million shares via the cancellation of 181.12 million shares.
The 181.12 million shares would comprise of 98.43 million shares held by other shareholders and the balance of 82.68 million by MMC.
On completion of the SCR, it said MMC would hold 83.618 million AIRB shares, which would represent the entire paid-up of AIRB.
MMC said pursuant to the cancellation of 181.12 million AIRB shares, shareholders would receive capital repayment of RM181.12mil.
However, MMC would waive its entitlement for the capital repayment amounting to RM82.68mil under the proposed SCR.
The amount to be paid to the other shareholders would be RM181.12mil or RM1.84 per AIRB share.