KUALA LUMPUR (July 8): Sabah-based plantation company NPC Resources Bhd (KL:NPC) will be delisted from Bursa Malaysia effective Friday (July 11).
“NPC will be removed from the Official List of Bursa Malaysia Securities Bhd with effect from 9am, Friday, July 11, pursuant to Paragraph 16.07(b) of the Main Market Listing Requirements,” the company said in a filing on Tuesday.
Earlier in February, NPC co-founder Datuk Loo Pang Kee launched his bid to privatise the group. Loo, together with his vehicle, Jubilant Ventures Sdn Bhd, proposed a selective capital reduction and corresponding capital repayment to buy out the remaining shareholders of NPC Resources at RM2.82 per share.
Loo, who is NPC group managing director cum chief executive officer, controls a 56.56% stake, or 66 million shares in the company.
The privatisation exercise involved the remaining 43.44% stake, or 50.69 million shares Loo did not control. The block of shares was worth approximately RM142.96 million.
NPC shares have been suspended for trading since June 17, to facilitate the group’s selective capital reduction.
The counter was last traded at RM2.79, with a market capitalisation of RM334.80 million. The counter had been on the climb since end-December last year, up to a peak of RM2.90 on Jan 8, 2025, a day before Loo first announced his intentions to privatise the group.