YTL Powers unit ups stake in Ranhill, triggers MTO
Published On: 28.05.24 By: The Star
KUALA LUMPUR: YTL Power International Bhds 70% owned subsidiary SIPP Power Sdn Bhd has agreed to a RM405.18mil deal for about 31.42% equity in Ranhill Utilities Bhd from Tan Sri Hamdan Mohamad and related entities Hamdan (L) Foundation and Hamdan Inc (Labuan) Pte Ltd, triggering an unconditional mandatory takeover offer (MTO) for any remaining shares it does not already own it the water utility firm.
In a filing with Bursa Malaysia, YTL Power announced the unconditional share purchase agreement, which will see SIPP Power grow its equity interest in Ranhill to 34.32% from 2.9% at a purchase price of 99.5 sen a share.
Collectively, YTL Power and SIPP Power will have an aggregate direct shareholding in Ranhill of 53.19%, up from 21.77% previously, breaching the 50% threshold to trigger an MTO at an offer price of 99.5 sen.
The purchase consideration of 99.5 sen represents a 36.62% discount over the last traded price of Ranhill on May 27. 2024, and a 32.11% discount over its five-day volume weighted average market price up to the last trading day.
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