GBH sale of property ‘fair, reasonable’


PETALING JAYA: Goh Ban Huat Bhd’s (GBH) proposed disposal of its property in Jalan Segambut, Kuala Lumpur, to its associated company Keladi Maju Bhd for RM192.3mil and the former’s subsequent tenancy of the property have been deemed as “fair and reasonable” by independent adviser Public Investment Bank Bhd.

In a circular to shareholders, Public Investment Bank also said the deal was “not detrimental” to the interest of the non-interested shareholders of GBH.

“In addition, pursuant to the intended utilisation of the proceeds from the proposed disposal to part-finance the proposed Dynac Sdn Bhd, we are of the opinion that the proposed disposal is in the ‘best interest’ of the shareholders of GBH, as it will allow GBH Group to tap the growth of the O&G (oil and gas) and FSPO (floating production, storage and offloading) sectors via the proposed Dynac acquisition,” it said.

Accordingly, Public Investment Bank said it would advise and recommend that non-interested shareholders of GBH vote in favour of the resolution pertaining to the proposed disposal and tenancy to be tabled at the forthcoming EGM on Sept 30.

GBH, a ceramic ware manufacturer, had in July proposed to dispose of nine parcels of its land, measuring a total of 13.93 acres, together with a warehouse in Jalan Segambut, Kuala Lumpur, for RM192.3mil cash to property developer Keladi Maju.

Both GBH and Keladi Maju are controlled by tycoon Tan Sri Robert Tan Hua Choon.

Simultaneous to the execution of the sale and purchase agreement for the piece of property, GBH and Keladi had entered into a tenancy agreement, under which GBH would lease back the properties so as to ensure the GBH group’s ongoing operations would not be disrupted following the completion of the proposed disposal.

GBH had announced that the proposed disposal of its property was to raise funds to part-finance its proposed acquisition of Dynac under a RM632mil reverse takeover offer that would turn GBH into an O&G player.


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