Shareholders Approve Syed Mokhtar’s RM2.94 billion MMC Privatisation Offer

Permodalan Nasional Bhd (PNB) and other MMC Corp Bhd shareholders have agreed to the RM2.94 billion privatisation offer by its biggest shareholder Tan Sri Syed Mokhtar Albukhary, the company says in a Bursa Malaysia filing.

MMC says 99.75 per cent of the shareholders had voted in favour of the privatisation at its extraordinary general meeting (EGM) today.

“(At the EGM), the special resolution was voted for by 85 per cent in the number of the disinterested shareholders and 99.7519 per cent in value to the votes attached to the ordinary shares of MMC held by the disinterested shareholders that were cast either in person or by proxy at the EGM.”

PNB said it was supportive of the plan. 

“PNB will be reinvesting the proceeds in a manner consistent with its investment strategy of greater diversification across multiple asset classes.

“As an institutional investor, PNB strives to enhance shareholder returns for its portfolio of companies with the ultimate aim of generating sustainable returns for its 14.5 million account holders,” PNB said in response to the New Straits Times’ query.

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