Malaysia's Keck Seng to divest entire Parkway stake

Planned 35.58 million shares sale to Khazanah Nasional to gain S$111.47mln

Keck Seng (M) Bhd has resolved to dispose of its entire stake in Singapore-listed Parkway Holdings Ltd at S$3.95 per share to Khazanah Nasional Bhd.

Keck Seng told Bursa Malaysia on Friday that the proposed disposal of the 35.58 million shares to Khazanah’s Integrated Healthcare Holdings Ltd would raise proceeds of RM327.49 million (S$140.33 million), according to a Star report.

The company expects a gain of RM260.14mil (S$111.47 million) from the disposal of the stake when it accepted the offer made by Integrate Healthcare under its July 26 general offer announcement.

As at July 20, 2010, Keck Seng and its wholly-owned subsidiary Keck Seng Investment Pte Ltd collectively owned a 3.13% interest in Parkway.