Malaysia-listed offshore services provider Dayang Enterprise Holdings has 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).
According to Perdana Petroleum’s filing to Bursa Malaysia, Dayang was going to buy 42.96 million shares of Perdana Petroleum from Affin Hwang Investment Management at MYR1.55 per share, representing approximately 5.74% equity interest.
The offering price of MYR1.55 per share is around 3.33% or MYR0.05 premium to the last traded price of Perdana Petroleum’s shares on 31 May, prior to the announcement of the acquisition.
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So far, Dayang has bought 22 million shares of Perdana Petroleum, representing about 2.94% of its issued and paid-up capital as at 26 June, following which Dayang acquired 12.78 million five-year warrants issued by Perdana Petroleum, representing approximately 41.71% of the total outstanding warrants in the open market at average daily prices ranging from MYR1.527-1.529 per share and MYR0.83-0.84 per warrant.
Dayang stated that Perdana Petroleum will continue to be the company’s key growth driver because of its strong performance from many of Perdana Petroleum’s long-term charter.
Currently, Perdana Petroleum owns around eight anchor handling tug supply vessels, seven accommodation work barges, two work boats, and is scheduled to receive two more units of work barges in 2016.