KUALA LUMPUR, March 20 (Bernama) -- The Securities Commission Malaysia (SC) cleared 21 offer documents worth RM18.22 billion for takeovers and mergers in 2024 compared with 10 offers with total offer value of RM5.53 billion in 2023.
This represented an increase of RM12.69 billion against the total offer value in previous year, the SC said in its Annual Report 2024 released today.
“The conditional voluntary take-over offer for Malaysia Airports Holdings Bhd (MAHB Offer) by the joint ultimate offerors to acquire all the remaining ordinary shares in MAHB Offer, with offer value stood was the largest offer at RM12.30 billion in offer value, representing 68 per cent of the total offer value in 2024,” it said.
The take-over offer for MAHB were made by Gateway Development Alliance Sdn Bhd, Pantai Panorama Sdn Bhd, Kwasa Aktif Sdn Bhd, and GIP Aurea Pte Ltd (collectively, the Joint Offerors), and UEM Group Bhd and Employees Provident Fund Board (collectively, the Joint Ultimate Offerors).
The report also noted that other two notable offers in terms of offer value include the conditional mandatory take-over offer by Public Bank Bhd for all the remaining ordinary shares in LPI Capital Bhd at RM2.18 billion (LPI Offer) and the selective capital reduction and repayment exercise by MPHB Capital Bhd at RM750 million.
It noted that of the 21 offers in 2024, 18 were in relation to offeree companies listed on the Main Market, one in relation to an offeree company listed on the ACE Market (Carlo Rino Group Bhd) and two in relation to unlisted public companies (Central Cables Bhd and KLK Sawit Nusantara Bhd).
Sector-wise, the transportation and logistics sector followed by the financial services sector were the highest in terms of offer value at RM12.30 billion (comprising the MAHB Offer) and RM2.18 billion (LPI Offer), representing 68 per cent and 12 per cent of the total offer value in 2024 respectively.
According to the SC, it considered a total of 97 applications in 2024 under the Rules on Take-overs, Mergers and Compulsory Acquisitions (Rules) compared to 62 applications in 2023.
“This was mainly attributed to a higher number of takeover offers/schemes as well as clearance of independent advice circulars undertaken during the year, which reflected the improved appetite for take-over and merger activities during the year,” it added.
Meanwhile, the SC also said it cleared 29 clearance of independent advice circulars (IACs) in 2024, of which 22 were in relation to take-over offers/schemes and seven in relation to exemptions from the mandatory offer obligation pursuant to the whitewash procedures (2023: 13 IACs).
In addition, seven whitewash circulars were also cleared in relation to exemptions from the mandatory offer obligation (2023: four whitewash circulars).
As for applications in relation to exemptions from having to undertake a mandatory take-over offer, the SC considered 22 applications in 2024 (2023: 19 applications), of which 10 applications involved whitewash exemptions and 12 applications involved acquisitions or transfer of shares within members of a group of persons acting in concert.
The SC also considered 18 applications pursuant to certain requirements under the Capital Markets and Services Act 2007 (CMSA) and the Rules.
-- BERNAMA
SC, Annual Report 2024, takeovers, mergers, CMSA, IAC
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