PNB shares to buy fresh SP Setia

CAPITALISATION Nasional Bhd (PNB) today made ​​the offer to acquire the shares not owned by the SP Setia Bhd, the local's largest real estate company in terms of sales, at a price per unit for the ordinary shares of RM3.50 and 91 sen unit for a warrant.
Offer a whole was estimated at RM6.9 billion is submitted after the PNB and the stakeholders together (PAC) until yesterday over 33.17 per cent equity in SP Setia, thus surpassing the 33 percent minimum that requires it to make a mandatory takeover offer (MGO).
If true, the deal will emerge the largest takeover in Malaysia's property sector in almost 20 years. Maybank Investment Bank Bhd (Maybank-IB), acting on behalf of PNB said in a statement yesterday, said the offer price represents a premium of 40 cents, or 11:43 per cent over the closing price of SP Setia on Tuesday at RM3.50 before it suspended trading yesterday. Maybank-IB said, PNB intends to maintain its listing status on Bursa Malaysia's property. "If the total acceptance of the offer saw the spread of share ownership by the public in SP Setia is less than 25 percent, the party making the offer will explore various options or suggestions to improve

World economic growth down

International Monetary Fund (IMF) down global economic growth for 2011 and 2012 between 0.3 to 0.5 percent due to continued economic problems in the European Union (EU) and the United States. In the World Economic Outlook report for September, the IMF projected growth rate of four per cent for 2011 and 2012 compared with 4.3 percent and 4.5 percent in June.

IMF projections for the U.S. declined to 1.5 and 1.8 percent from 2.2 and 2.6 per cent, while for European countries, its economy is expected to grow by 1.6 and 1.1 per cent compared to two and a projected 1.7 percent in June.
Expected to be less affected Asian countries within the IMF projections with China is now

CKD Volkswagen models in December

MODEL local assembly (CKD) for the Volkswagen Passat and Polo result pact ties between DRB-Hicom Bhd and Volkswagen AG (VW) will be released by the end of this year, said Managing Director of Volkswagen Group Malaysia (VGM), Ricky Tay. Two models of passenger vehicles through the cooperation of the Malaysian automotive conglomerate and Europe's largest automotive company, will be installed in the automotive complex, Pekan, Pahang.

He said production of the CKD model, VW will strengthen efforts to increase market share in the country to 10 percent within the next few years, in line with the desire to be the market leader for non-national car in Malaysia.
As of last June, the vehicle manufacturer based in Wolfsburg, Germany in this country is 1.4