Taib-linked company looking to exit Dayang
Jose BarrockPublished: Mar 15, 2013 1:13 AM | Updated: Mar 15, 2013 2:25 AM
Naim Holdings Bhd - a company closely linked to Sarawak Chief Minister Abdul Taib Mahmud's family - is looking to sell its 33.64 percent shareholding in oil and gas player Dayang Enterprise Holdings Bhd, industry sources say.
Naim Holdings Bhd - a company closely linked to Sarawak Chief Minister Abdul Taib Mahmud's family - is looking to sell its 33.64 percent shareholding in oil and gas player Dayang Enterprise Holdings Bhd, industry sources say.
It is understood that Naim has already approached a few parties to buy its block of shares or a chunk of it, but has yet to secure any buyers.
An industry source said that it is likely that Naim will sell only 32 percent to avoid triggering a general offer for Dayang, or the new party coming in may seek a waiver from conducting a general offer.
"It's highly unlikely that anyone will want to make a general offer for the company. The management has about 30 odd percent as well... and they have the support of the minorities," he said.
According to Dayang's latest annual report, its management led by managing director Tengku Yusuf Tengku Ahmad Shahruddin and the founding Ling family have more than 32 percent of Dayang.
There are no other substantial shareholders in the company.
Naim had bought a 45 percent stake in Dayang in end August 2007, paying RM87.75 million, which was prior to Dayang's initial public offering in April 2008.
Go to KiniBiz for more.
It is understood that Naim has already approached a few parties to buy its block of shares or a chunk of it, but has yet to secure any buyers.
An industry source said that it is likely that Naim will sell only 32 percent to avoid triggering a general offer for Dayang, or the new party coming in may seek a waiver from conducting a general offer."It's highly unlikely that anyone will want to make a general offer for the company. The management has about 30 odd percent as well... and they have the support of the minorities," he said.
According to Dayang's latest annual report, its management led by managing director Tengku Yusuf Tengku Ahmad Shahruddin and the founding Ling family have more than 32 percent of Dayang.
There are no other substantial shareholders in the company.
Naim had bought a 45 percent stake in Dayang in end August 2007, paying RM87.75 million, which was prior to Dayang's initial public offering in April 2008.
Go to KiniBiz for more.
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