KUALA LUMPUR Dec 24 Malaysian tycoon Syed
Mokhtar Al-Bukhary will take palm oil to sugar processor
Tradewinds (M) Bhd private in a cash deal worth at
least 1.5 billion ringgit ($490.20 million), Maybank Investment
said on Monday.
Maybank Investment, which advises Syed Mokhtar's investment
companies, did not give any rationale for the deal. Analysts who
follow Tradewinds said all of Syed Mokhtar's commodity
businesses might be grouped under one company and re-listed.
In January, Syed Mokhtar's autos-to property conglomerate
DRB-HICOM Bhd acquired domestic carmaker Proton in a
$412 million deal.
In this latest deal, Maybank Investment said four investment
companies would offer 9.30 ringgit per Tradewinds Bhd share,
representing a premium of 20 percent over its Friday close of
Syed Mokhtar's investment companies own about 45 percent of
Tradewinds and the investment companies would then embark on
a mandatory general offer for its units Tradewinds Plantations
Bhd and national rice distribution monopoly Padiberas
Nasional Bhd, Maybank Investment said.
The companies would buy the stakes they do not own in
Tradewinds Plantations for 4.03 ringgit per share and Padiberas
at 3.25 ringgit per share, Maybank Investment said without
disclosing the number of shares.
Shares in Tradewinds and its two units will resume trade on
Wednesday after being suspended on Monday.
($1 = 3.0600 Malaysian ringgit)
(Reporting by Niluksi Koswanage. Editing by Jane Merriman)