Malaysia-listed offshore services provider Dayang Enterprise Holdings has completed the acquisition of oil and gas company Perdana Petroleum.
According to Dayang’s filing to Bursa Malaysia, the completion of the takeover is announced by Maybank Investment Bank (Maybank), acting on behalf of Dayang’s board of directors.
Likewise, Perdana Petroleum posted in its filing to Bursa Malaysia on 9 July that the company has received from Maybank the notice of the conditional mandatory takeover.
On 2 July Dayang made a conditional mandatory takeover offer for all the shares it does not already own in Perdana Petroleum for a cash consideration of MYR66.6 million (USD17.73 million).
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Dayang offered MYR1.55 per share for the takeover, which was around 33% or MYR0.05 premium to the last traded price of Perdana Petroleum’s shares on 31 May, prior to the announcement of the acquisition.
The takeover of Perdana Petroleum will act as a synergy to Dayang’s business operation of hook-up, maintenance, and commissioning, while Perdana Petroleum will provide offshore vessels chartering services.