Kulim Malaysia Berhad owns a 48.97 per cent stake in
NBPOL. The company received a written correspondence from Kulim’s legal advisers
informing them of Kulim’s desire to divest its entire shareholding with
The letter further advised that Kulim has completed a
selection process and, based on interest received from prospective purchasers,
Kulim’s board of directors has selected Sime Darby Berhad as the preferred
According to a statement from NBPOL, the company has not
received any direct proposal from Sime Darby or any other party with respect to
the proposed acquisition of Kulim’s equity stake.
The NBPOL has not been informed on the proposed terms of the transaction between Kulim and Sime Darby (including the indicative price offered by Sime Darby), nor is it known
whether such transaction will result in a change of control of the company or a
formal takeover offer for all or part of the company’s issued share capital.
However, NBPOL is subject to the provisions of the PNG takeovers code (PNG Code). The PNG Code provides that an interest of more than
20 per cent of a PNG company may only be acquired:
n If the other shareholders approve the proposed acquisition by ordinary resolution in
general meeting; or Pursuant to a takeover offer which is open to
all shareholders and which complies with the PNG Code.
In either case, the PNG Code requires the firm to provide to shareholders a report
prepared by an independent adviser as to the merits of the proposed acquisition
and a statement from the directors of the company with their recommendation to