Bandar Raya Developments Bhd (RM2.89/share) Gets 90% acceptance

Ambang Sehati Sdn Bhd has received valid acceptances of more than 90% of the total voting shares of Bandar Raya Developments Bhd (BRDB) in the takeover offer to acquire all the shares and warrants of BRDB.

Following this, BRDB shares will suspended from trading on Oct 4, while the warrants will be delisted today.
Ambang Sehati does not intend to maintain BRDB’s listing status and thus will take steps to delist the stock.

CIMB Investment Bank Bhd and Newfields Advisors Sdn Bhd, which are acting on Ambang Sehati’s behalf said that once BRDB is delisted, shareholders who have not accepted the offer will hold unlisted BRDB Shares. It added that in such a situation, dissenting shareholders will not be able to realise their investments in BRDB shares through trading on Bursa Securities.

- StarBiz