KUALA LUMPUR (May 28): YTL Power International Bhd (KL:YTLPOWR) signed an agreement to acquire a 31% stake in Ranhill Utilities Bhd (KL:RANHILL) for RM405.18 million from its major shareholder Tan Sri Hamdan Mohamad.

The acquisition, equivalent to 99.5 sen per share, will raise YTL Power’s stake in Ranhill to 34.32%, according to a statement on Tuesday. Under Malaysian takeover laws, YTL Power will be required to make a general offer to acquire all the remaining shares it does not already own. 

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