SYMPHONY House Bhd is set to see water and power assets worth RM800 million injected into a new special purpose vehicle Ranhill Holdings Sdn Bhd under its proposed reverse takeover (RTO), which is being undertaken via a scheme of arrangement signed between Symphony and Ranhill late last week.
This will entail the exchange of Symphony’s entire issued and paid-up capital, less any treasury shares held on the basis of one Ranhill share for every 10 existing Symphony share, at an entitlement date to be determined later.
Upon completion of the scheme of arrangement, Symphony will be fully owned by Ranhill.
Ranhill will then take Symphony’s listing status on Bursa Malaysia’s Main Market.
Symphony acting chairman and group chief executive officer Tan Sri Mohamed Azman Yahya is committed to remaining as a shareholder post the RTO.
He has volunteered to a share moratorium in respect of Ranhill shares held by him prior to the completion of the proposed offering for three years from the date of such completion.
Ranhill, meanwhile, has signed a series of conditional share sale agreements to buy certain units and associated companies in the water and power businesses of the Ranhill Group.
The firm will make a public offering, an offer for sale and a restricted issue to raise money for the acquisitions.
Ranhill intends to raise up to RM600 million from the proposed public offering and restricted issue.
The proposed public offering involves new Ranhill shares at an issue price to be determined to existing and new investors.
