The Wall Street Journal-20080123-Ramunia Holdings Bhd-- Reverse-Takeover Deal Will Give MISC Major Boost
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Ramunia Holdings Bhd.: Reverse-Takeover Deal Will Give MISC Major Boost
Ramunia Holdings Bhd. said it accepted an offer to buy Malaysia Marine & Heavy Engineering Sdn. Bhd. for 3.2 billion ringgit ($972 million) from shipping company MISC Bhd. in a reverse-takeover deal that will make MISC the single largest shareholder in Ramunia. Ramunia said it signed an agreement Monday to buy MMHE, which is involved in oil and gas fabrication and ship repair, from MSE Holdings Sdn. Bhd., a unit of MISC. It will pay for the deal by issuing 1.4 billion new shares at one ringgit each and 3.6 billion new irredeemable convertible preference shares at 50 sen each to MSE. MISC will hold a 72% stake in Ramunia once the deal, which includes an offer for sale of 82 million shares at one ringgit each to minority shareholders, is complete.
