15th Nov 2013 15:12
LONDON (Alliance News) - Resource Holding Management Ltd Friday said the Malaysian takeover authority has granted it an exemption from having to make a takeover offer for PUC Founder Berhad as part of its deal to sell Red Media Asia Ltd to PUC Founder.
PUC Founder is buying Red Media by issuing shares to Resource Holding Management. There is a risk that the amount may be enough to cross the threshold under Malaysian takeover rules that would force Resource Holding to make a takeover offer for the company. That rule will no longer apply.
Resource Holding Management shares were down 6.5% at 19.28 pence Friday afternoon.
By Steve McGrath; [email protected]; @stevemcgrath1
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