Malaysia shares highlights today (29th July, 2011) Jotech, AIC and AutoV to merge

Temasek Formation Sdn Bhd has proposed to acquire the entire interests including all assets and liabilities of JOTECH HOLDINGS BHD [, AIC CORPORATION BHD  and AutoV Corporation Bhd for RM696 million with a view to merger the companies to create a larger entity.

The company plans to create a larger group in terms of market capitalisation, streamline the multi-tiered shareholding structure as well as unlock potential intrinsic values of the target companies.

The merger would be executed via the issuance of new Temasek Fomation shares to existing shareholders of AIC, Jotech and AutoV as well as to warrant shareholders of these companies.