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Thursday, July 16, 2015

SC approves Ranhill’s RTO

PETALING JAYA: The Securities Commission has finally given the green light for Ranhill Holdings Bhd to be on the Main Market of Bursa Malaysia through the reverse takeover (RTO) of Symphony House Bhd.
The corporate exercise was proposed on March 26 last year and was tweaked to include only its utility business worth RM800mil. Before that, Ranhill intended to do the RTO with its oil and gas businesses.
The deal involves the exchange of the entire issued and paid-up share capital of Symphony of up to RM66mil, comprising up to 660 million Symphony shares for up to 66 million new Ranhill Holdings shares. It is based on one Ranhill Holdings share for every 10 Symphony shares held.
It will also buy Ranhill Group Sdn Bhd, formerly Ranhill Power Sdn Bhd, for RM107mil and Ranhill Utilities Sdn Bhd for RM693mil at the issue price of RM1.60 apiece.
On top of that, it will buy the remaining 47.9% equity interest in RWT (Cayman) by Ranhill Holdings from Ranhill Utilities Sdn Bhd for US$25.42mil (RM96.85mil) but sell all its shares in Symphony through a management buyout for RM60mil.

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