Notices on UEM Builders, CIMA takeover

Tuesday September 9, 2008
The Star
Notices on UEM Builders, CIMA takeover

PETALING JAYA: UEM Group Bhd had served notices of takeover on UEM Builders Bhd and Cement Industries of Malaysia Bhd (CIMA).

UEM Group, which owns 51.71% of UEM Builders Bhd, proposed to acquire the remaining stake at RM1.42 per share. UEM Builders said yesterday it had received the notice of takeover and the board would not seek an alternative party to make a similar offer. It said the board would appoint an independent adviser to advise the independent directors and minority shareholder on the offer.

The other shareholders of UEM Builders are Lembaga Tabung Haji with 5.7%, or 55.24 million shares, and the Employees Provident Fund Board with 44.856 million shares, or 4.65%. UEM Builders closed one sen higher at RM1.36 yesterday.

UEM Group, which owns 50.38% or 71.19 million CIMA shares, also made an offer to acquire the remaining CIMA shares at RM6.26 per share. As for CIMA, its board had appointed RHB Investment Bank Bhd independent adviser to advise the independent directors and minority shareholders. CIMA closed five sen higher at RM5.90 yesterday.