Dayang Increases Stake in Malaysia's Perdana Petroleum to 51.21%

Malaysia's Dayang Enterprise Holdings' proposed takeover of Perdana Petroleum Bhd has become unconditional after it gained ownership of more than 50 percent of the latter's shares, the firm said in a filing with local stock exchange Bursa Malaysia Monday.

Dayang revealed that as at 5.00 p.m. (Malaysian time) July 24 it has received valid acceptances of its offer for 11,779,000 Perdana Petroleum shares, equivalent to approximately 1.57 percent of the latter's issued and paid-up share capital, bringing its total holding, including Perdana Petroleum shares that it held or entitled to be acquired or held by the firm, to 51.21 percent or 383,314,800 Perdana shares.

"Accordingly, the Acceptance Condition has been fulfilled and the Offer has become wholly unconditional July 24," Dayang said in the announcement.

In May, Dayang made a mandatory general offer to acquire all the remaining shares of Perdana Petroleum -- an offshore marine services provider --  for $0.44 (MYR 1.55) per share. This comes after it took its stake in Perdana Petroleum to 35.51 percent after acquiring 5.74 percent interest from Affin Hwang Asset Management Berhad for $18.7 million (MYR 66.60 million)



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