KUALA LUMPUR (Jan 12): Sunway Bhd (KL:SUNWAY) said IJM Corporation Bhd (KL:IJM) shareholders who accept its takeover offer announced on Monday (Jan 12) will not be entitled to the dividend-in-specie related to the listing of its healthcare business.
“We have announced earlier that there is a dividend-in-specie for the listing of our healthcare business shares to our shareholders. IJM shareholders who take up our shares will not be entitled to that dividend-in-species, unfortunately, due to the difference in timing,” said Sunway president Datuk Anuar Taib.
He was speaking at a media briefing on Sunway's plan to acquire rival company IJM in a cash-and-share deal worth over RM11 billion.
Last month, Sunway announced that the Securities Commission Malaysia had approved the proposed listing of Sunway Healthcare Holdings Bhd (SHH) on the Main Market of Bursa Malaysia. The listing is expected to take place in the first quarter of this year.
Currently, SHH is an 84%-owned unit of Sunway City Sdn Bhd (SunCity), which in turn is a wholly owned subsidiary of Sunway. The remaining 16% stake in SHH is held by Singapore-based Greenwood Capital Pte Ltd.
As part of the exercise, SHH will carry out a pre-initial public offering share split from 1.2 billion shares to 10.9 billion without affecting its issued share capital. After the share split, SunCity will distribute the distribution shares to Sunway by way of a dividend-in-specie.