Malaysian tycoon Ananda Krishnan has made a 1.48 billion dollar buyout offer for power and gambling firm Tanjong, the second major corporate deal he has launched in a week. Malaysia's second-richest man has made a series of big plays in recent months including re-listing a part of his top mobile operator Maxis and taking satellite broadcaster Astro private.
Krishnan and his associates offered 21.80 ringgit (6.85 dollars) per share for the 53 percent of Tanjong they don't already own, the company announced in a statement late Friday. Tanjong, which has plans to become a global player in the power generation industry, said the move would give it greater flexibility to pursue expansion in the Middle East, North Africa, and Asia.
"A privatised Tanjong will enable the business to seek out long-term capital providers, and where it serves the corporate objective, allow the introduction of strategic partners or undertaking of broader partnerships," the firm said. The 4.7 billion ringgit (1.48 billion dollar) purchase offer values the company at 8.8 billion ringgit. The offer price represents a 22 percent premium over the closing price of 17.88 ringgit on July 27 before trade was suspended. Tanjong and its subsidiaries are involved in businesses including power generation, gambling, leisure and property investment.
Comments
Comments are closed.