Khazanah Nasional Berhad (“Khazanah”) today announced the completion of the Share Sale Agreement to acquire a substantial stake in Pantai Holdings Berhad (“Pantai”) and the establishment of Joint Venture with
Parkway Holdings Limited (“Parkway”).
This is in reference to the media statement dated 28 August 2006 by Khazanah relating to the conditional Share Sale Agreement entered into between Khazanah, Pantai Irama Ventures Sdn Bhd (formerly known as Magna Cahaya Sdn Bhd)
(“Pantai Irama”), Swiss Zone Sdn Bhd (“Swiss Zone”) a wholly owned subsidiary of Parkway, and Parkway on 28 August 2006 for Pantai Irama to acquire all the shareholdings held by Swiss Zone in Pantai representing approximately 30.4% equity interest in Pantai, and a proposed joint venture arrangement between the aforesaid parties.
Khazanah is pleased to announce that the Share Sale Agreement was completed today and that Pantai Irama now holds 315,139,191 shares in Pantai, representing approximately 64.3% equity interests in Pantai including 30.4% equity interest in Pantai acquired from Swiss Zone under the Share Sale Agreement).
On the completion of the Share Sale Agreement, 49% equity interest in Pantai Irama was issued to Swiss Zone. As a result thereof, a 51:49 joint venture between Khazanah and Swiss Zone respectively has been stablished.