Ajinomoto (Malaysia) Berhad has received a proposal from its controlling shareholder, Ajinomoto Co., Inc. to privatise the company through a selective capital reduction and repayment exercise.
In an announcement AMB said the proposal letter from AJICO outlined its intention to take AMB private through the proposed exercise, which involves a selective capital reduction and corresponding cash repayment to eligible shareholders.
Under the Proposed SCR, shareholders of AMB other than AJICO whose names appear in the company’s Record of Depositors as at the entitlement date to be determined later will receive a proposed cash amount of RM20.00 per share.
The proposed exercise would result in AJICO becoming the sole shareholder of AMB upon completion of the privatisation process.
AMB said its Board of Directors, excluding interested directors Daisaku Wadami, Taishi Akiyama and Akihiko Nozaki, will deliberate on the proposal and determine the appropriate next course of action.
The company added that a further announcement will be made after the non-interested directors complete their deliberation.
The Proposed SCR remains subject to the relevant approvals and procedures required under applicable regulations.
The shares on Bursa have resumed trading post this announcement.
