THE last day of trading for Malaysian Airline System Bhd (MAS) shares will be on December 12 before the counter is delisted under a privatisation exercise by its majority shareholder Khazanah Nasional Bhd.
In a filing with Bursa Malaysia yesterday, MAS said it has set an ex-date for its selective capital reduction (SCR) and repayment exercise on December 17.
Under the SCR, shareholders other than Khazanah whose names appear on its record of depositors as at 5pm on December 19 will be entitled to receive 27 sen cash for every MAS share held.
The capital repayment is expected to be made within ten days from December 19.
Meanwhile, the trading of MAS shares on Bursa Malaysia will be suspended on December 15, being three clear market days before the entitlement date. Accordingly, December 12 will be the last day for trading of MAS shares.
The trading of MAS shares will continue to be suspended until completion of the SCR and the subsequent delisting from the stock exchange.
The notice to shareholders on the suspension of trading of MAS shares and the entitlement date for the SCR will be despatched to shareholders today.
The SCR will enable all the shareholders to receive a total repayment amount of RM1.38 billion, which represents a cash amount of 27 sen apiece.
The SCR will see MAS’ share capital reduced from 16.71 billion shares to 11.59 billion shares by cancelling all shares held by shareholders other than Khazanah. Its share premium account will also be reduced from RM1.7 billion to RM865.60 million.
Shares of MAS were actively-traded as the ninth most-active stock of Bursa Malaysia yesterday, with more than 34.966 million shares traded. Its share price was unchanged at 26.5 sen, giving it a market capitalisation of RM4.43 billion.