The price is 28 sen above Pulai Spring’s volume weighted average price of 90 sen up to July 28.
In a statement to Bursa Malaysia yesterday, the company whose main asset is an 18-hole golf course and resort in Johor, said it had received the notice of a conditional takeover offer from Swift Redeem which holds a 32% stake in it.
“The board will deliberate on the offer and will announce subsequently if it intends to seek an alternate person to make a takeover offer for the offer shares,” the company said.
Swift Reedem emerged as a major shareholder in Pulai Springs last month after buying its 32% stake for 80 sen apiece. Shares in Pulai Spring were suspended on July 28 to make way for this announcement. It will resume trading today. The offeror intends to maintain thelisting status of Palm Springs unless sufficient acceptances are obtained such that the offeror either individually or jointly with its associates holds 90% or more of Paulai Springs’ shares.
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