SP Setia Bhd. completed its merger with I&P Group Sdn. Bhd. after it acquired 1 billion ordinary shares of the latter for a cash consideration of 3.65 billion Malaysian ringgit.
The merger process, billed to create Malaysia's largest property company, started in April after SP Setia signed agreements with I&P's two largest shareholders, Permodalan National Bhd. and Amanahraya Trustees Bhd., to begin negotiations for the proposed merger. A conditional share purchase deal was reached in June and SP Setia sought its shareholders' approval for the planned merger in a Nov. 16 extraordinary general meeting. SP Setia launched a renounceable rights issue of up to 451,916,434 new ordinary shares in connection with the merger.
With the transaction now completed, I&P becomes a wholly owned subsidiary of SP Setia.
As of Dec. 5, US$1 was equivalent to 4.06 Malaysian ringgit.
