No plans for any restructuring so far, says MRCB

KUALA LUMPUR (May 31): Malaysian Resources Corp Bhd clarified on Tuesday (May 31) that no proposal or offer has been received by the group so far regarding any potential restructuring of the group.

The construction group said this in a bourse filing in response to an article by The Edge Malaysia titled “Potential restructuring of MRCB in the pipeline” that was published for the week of May 30-June 5.

The weekly wrote, quoting sources, that MRCB might be undergoing a restructuring exercise in the near future with its largest shareholder, the Employees Provident Fund, which holds a 36.21% stake in the group. The EPF is looking at consolidating its real assets, according to the report.

The report also said that Maybank Investment Bank is understood to have been roped in by the retirement fund to help with the restructuring, and that plans being explored include a merger or privatisation.

MRCB said it has made due and diligent enquiry with its directors, major sharehodlers and such other persons reasonably familiar with the matter, and that it wishes to clarify that none of the parties have any transaction plan for MRCB, nor have they engaged any investment banks for such a transaction plan.

“MRCB wishes to clarify that the company, alongside its major shareholders, will always consider and explore all potential opportunities and/or corporate proposals involving the businesses of (the) MRCB Group, in the best interest of MRCB and all shareholders.

“Should there be any material development on MRCB’s corporate exercises and proposals which warrants disclosure, the appropriate announcement will be made to Bursa Malaysia Securities Bhd accordingly,” it added.

MRCB shares settled one sen or 2.86% higher at 36 sen on Tuesday, giving the group a market capitalisation of RM1.59 billion.