Malaysia Market: PNB continues raising stake in S P Setia, buys 20m shares

KUALA LUMPUR: Permodalan Nasional Bhd continued to raise its stake in takeover target S P Setia Bhd, buying more than 20 million shares and nearly seven million warrants of the property developer on Tuesday, Oct 4.

A filing to Bursa on Wednesday showed PNB bought 20.298 million shares in the open market at an average price of RM3.8844 a share on Tuesday and 6.813 million warrants at an average price of 89.78 sen each.

On Monday, it acquired 20.77 million shares of which 10.95 million shares were from the open market at RM3.8928 a share. It also acquired 9.824 million shares in an off-market deal at RM3.89 each. PNB also acquired 10.37 million warrants in the open market at 90 sen each.

Under its proposed takeover of S P Setia, it had offered RM3.90 per S P Setia share and 91 sen per warrant.(theedgemalaysia.com)