Dayang takeover offer for Perdana Petroleum goes unconditional

The offer became unconditional after Dayang gained a 51.21% stake in the latter after receiving a final batch of valid acceptances of its offer for 11.779m shares or a 1.57% stake, the company said in a stock market announcement.

In early July, Dayang made a MYR66.59m ($17.5m) mandatory takeover offer to acquire all the remaining shares and warrants in Perdana Petroleum not already owned by it for MYR1.55 per offer share and 84 sen per offer warrant after the total holding of Perdana Petroleum shares held by Dayang and the party acting in concert, Dayang director Chia Chu Fatt, rose above 33% in May to about 38.46%.

Dayang intends to maintain Perdana Petroleum’s listing status and continue with the group’s existing businesses.Dayang plans to eventually become a market leader in providing integrated hook-up, construction and commissioning (HUCC) services to the oil and gas industry through the proposed acquisition of Perdana Petroleum and has called the takeover a "strategic fit".