Trading of UEM World shares suspended

 

THE trading of UEM World Bhd shares were suspended from yesterday onwards as part of a restructuring exercise which will see it eventually delisted while its property arm UEM Land Holdings Bhd will be listed by end-November.

As part of the exercise, other listed and non-listed companies of UEM World Bhd will be under its unlisted parent company, UEM Group Bhd.

In a statement, UEM World said it is now proceeding with the dividend-in-specie (DIS) of its ordinary shares in UEM Land and a capital repayment to its shareholders.

It completed an offer for sale of shares in its listed subsidiaries to its shareholders on October 15.

UEM World said under the DIS and capital repayment, its shareholders will receive five UEM Land shares for every four UEM world shares held, and around RM1.26 in cash for every UEM World share held.

Both the DIS and capital repayment are expected to be completed just prior to the listing of UEM Land on the main board of Bursa Securities by end-November.

Trading in UEM World shares will continue to be suspended until the delisting of UEM World by Bursa Securities.

UEM World shareholders will be issued the listing prospectus of UEM Land early next month.

UEM Land, through its subsidiary UEM Land Bhd, is undertaking the development of Nusajaya, Johor, one of the flagships of Iskandar Malaysia. — Bernama