Censof receives SC confirmation for Time acquisition
KUALA LUMPUR: Censof Holdings Bhd has received confirmation from the Securities Commission Malaysia (SC) of its concurrence that the proposed acquisition of a 45.03 per cent stake in Time Engineering Bhd would not result in a significant change in its business direction or policy.
In a statement yesterday, the specialist for financial management solutions said its subsequent mandatory general offer (MGO) for the remaining shares in Time would not result in a significant change in the company.
"The acquisition and subsequent MGO are therefore not subject to SC's approval under Section 214(1) of the Capital Markets and Services Act, 2007," it said.
Censof said prior to this, it has received approval from Bursa Malaysia Securities Bhd to waive it from complying with the requirement to obtain the approval of its shareholders.
"However, the approval is subjected to the condition that Censof will procure shareholders' ratification for the acquisition and the MGO within two months from the date of completion of the acquisition," it said.
In light of these developments, it said, the conditional share sale and purchase agreement dated September 12 2013 in relation to the acquisition has become unconditional resulting in Censof being deemed to have beneficial interest over the 349.112 million ordinary shares of 20 sen each in Time.
Censof said the acquisition will result in synergies that will enable both companies to strengthen their value proposition, capitalise on an enlarged customer base, and at the same time deliver a more comprehensive product offering and enhance shareholders' value in the long run.
Khazanah Nasional Bhd announced its plan to divest its 45.03 per cent stake in Time last year as part of efforts to assist the government in promoting entrepreneurship and raising Bumiputera equity participation in the corporate sector. Bernama
» RELATED STORIES