Translate
13 April 2018
Datuk Seri Farouk Abdullah, has emerged as a substantial shareholder in Bio Osmo Bhd with the injection on Impiana Hotels
Farouk sells his Impiana hotel business to Bio Osmo in RM426mil reverse takeover deal
Thursday, 12 Apr 20189:47 PM MYT
by izwan idris
KUALA LUMPUR: Datuk Seri Farouk Abdullah, who emerged as a substantial shareholder in Bio Osmo Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png in April last year, is injecting his Impiana hotel business in Malaysia into the loss making company in a bid to turn it around.
The RM425.9mil reverse takeover deal will see Farouk’s stake in Bio Osmo rising above the 33% threshold that would require him to make a general offer to remaining shares in the company.
In a filing with Bursa Malaysia today, Bio Osmo said it had entered into several conditional share sale agreements with Farouk and other vendors to acquire assets including hotels under the Impiana brand in Kuala Lumpur, Ipoh and Kuantan, as well as land held future resort development in Pulau Pangkor.
Farouk, 72, is the executive chairman of Impiana Sdn Bhd and is the single largest shareholder in Bio Osmo with a 19.6% stake in the company.
image:
Both the 4.8 billion new shares and 3.2 billion new ICPS will be issued at five sen each. The remaining RM25.9mil will be settled by cash.
Shares in Bio Osmo was last traded at five sen on Thursday.
“The diversification into the hospitality businesses which took place in 2016 has been contributing profits whilst the bottled drinking water division is incurring losses,” the company said.
Bio Osmo had on Oct 26, 2016 completed the placement of 224.4 million new shares that raised RM11.22mil. Proceeds from the exercise was used to acquire a 75% stake in Intra Magnum Sdn Bhd from Impiana Group.
“The proposed acquisitions will allow the company to further expand its existing hospitality business, improve the financial performance of the group and enhance shareholder value,” it said.
Meanwhile, the company has also proposed to place out 2 billion new shares at five sen each to third party investors to be identified at a later date.
The mnove will raise as much as RM100mil to help the company pare down its borrowings and fund future expansion of its hospitality assets.
To meet the minimum shareholding spread after the takeover, Farouk has offered to sell up to a billion shares in the company at five sen each to third party investors.“The group expects that the expansion of its hospitality business after the proposed acquisitions will allow the group to benefit further from the profitability of Impiana group,” it said.
Read more at https://www.thestar.com.my/business/business-news/2018/04/12/farouk-sells-impiana-hotel-business-to-bio-osmo/#0X3tAgT4K0SoofyA.99
Popular Posts - Last 7 days
-
MACC remands ex-CEO, two others for suspected bribery involving RM24 mln Bernama Julai 19, 2022 Three individuals, including the ex-CEO of ...
-
37 individuals remanded in probe into misappropriation of PenjanaKerjaya funds Bernama Julai 15, 2022 MACC today remanded 37 individuals to...
-
Jana Wibawa implemented after Cabinet approval - Witness Bernama 29/04/2024 Bukit Gelugor MP Datuk Wan Saiful Wan Jan is accused of taking ...
-
A source tells Reuters there has been an uptick in money moving to Iran and its proxies, including Hamas, through the Malaysian financial sy...
-
Stamp duty exemption for first-time home owners - PM Ismail Sabri Bernama Julai 15, 2022 Ismail Sabri today announced a 100 pct stamp duty...
-
Loke said the new terminal will take at least three years to complete, hence some adjustments are being made for jet operations to start i...
-
Jennifer Lopez and Ben Affleck wed in Las Vegas, reports say Reuters Julai 18, 2022 Jennifer Lopez and Ben Affleck attend a special screen...
-
Polis tembak kereta mewah bawa dadah lebih RM100,000 Bernama 29/04/2024 Ketua Polis Kelantan Datuk Muhamad Zaki Harun menunjukkan fotofit s...
Popular Posts - Last 30 days
-
Saudi says application for 1444 H umrah visa opens from today Bernama Julai 14, 2022 The Ministry of Haj and Umrah of Saudi Arabia has ann...
-
‘Alas pintu’ dengan gambar Kaabah sebenarnya sejadah mini - AEON BiG April 13, 2024 Susulan penularan gambar yang mendakwa penjualan ‘alas ...
-
Screenshot of a video shared by the public of the incident at the Kuala Lumpur International Airport (KLIA) Arrival Hall 1 on Sunday. SEPANG...
-
Malaysia detects 3,902 new COVID cases, 8 deaths Melissa Fernando ASTRO AWANi Julai 20, 2022 Malaysia detects 3,902 new COVID cases, 8 de...
-
MAN DIES AS HIS BMW I7 CRASHES AND BURNS, WOMAN FRIEND SERIOUSLY INJURED A man died while his woman friend was seriously injured when the ca...
-
Coach Maloney and FAM part ways after eight years Bernama Julai 13, 2022 The Football Association of Malaysia (FAM) has released under fir...
-
King expresses hope for increased investment from Chinese companies in Malaysia Bernama April 12, 2024 His Majesty Sultan Ibrahim presented...
-
Naz Empire's defamation lawsuit against Awal Ashaari to go to trial as mediation fails Bernama Julai 12, 2022 The defamation lawsuit f...
-
Mohd Shuhaily said the suspect had two previous records for threats and another record for stealing and impersonating a civil servant. - BER...
-
37 individuals remanded in probe into misappropriation of PenjanaKerjaya funds Bernama Julai 15, 2022 MACC today remanded 37 individuals to...
Blog Archive
-
►
2023
(3771)
- December (311)
- November (322)
- October (286)
- September (288)
- August (365)
- July (349)
- June (372)
- May (316)
- April (279)
- March (301)
- February (245)
- January (337)
-
►
2022
(4309)
- December (352)
- November (422)
- October (288)
- September (281)
- August (347)
- July (303)
- June (335)
- May (406)
- April (341)
- March (371)
- February (390)
- January (473)
-
►
2021
(9030)
- December (636)
- November (647)
- October (809)
- September (797)
- August (880)
- July (894)
- June (747)
- May (780)
- April (580)
- March (629)
- February (643)
- January (988)
-
►
2020
(6800)
- December (819)
- November (698)
- October (832)
- September (729)
- August (548)
- July (558)
- June (615)
- May (394)
- April (368)
- March (453)
- February (439)
- January (347)
-
►
2019
(4089)
- December (411)
- November (425)
- October (375)
- September (279)
- August (397)
- July (353)
- June (326)
- May (315)
- April (266)
- March (318)
- February (293)
- January (331)
-
▼
2018
(4100)
- December (305)
- November (304)
- October (357)
- September (352)
- August (420)
- July (442)
- June (366)
- May (412)
- April (343)
- March (275)
- February (233)
- January (291)
-
►
2017
(3888)
- December (268)
- November (293)
- October (352)
- September (309)
- August (356)
- July (300)
- June (319)
- May (354)
- April (316)
- March (335)
- February (306)
- January (380)
-
►
2016
(4563)
- December (331)
- November (328)
- October (378)
- September (415)
- August (404)
- July (380)
- June (310)
- May (370)
- April (430)
- March (484)
- February (355)
- January (378)
-
►
2015
(4588)
- December (402)
- November (392)
- October (393)
- September (375)
- August (450)
- July (392)
- June (456)
- May (407)
- April (408)
- March (374)
- February (262)
- January (277)