KUALA LUMPUR (Dec 27): Kumpulan Perangsang Selangor Bhd (KPS) said it has gained control of 93.13% shares of Century Bond Bhd at close of its takeover offer today. 
 
KPS said since it does not intend to maintain the listing status of Century Bond, trading in Century Bond shares will be suspended from Jan 5.
 
"The offeror is not eligible to invoke the provisions of Section 222 of the Capital Markets and Services Act 2007 (CMSA) to compulsorily acquire the remaining Century Bond shares," it added in a bourse filing today. 
 
KPS is 57.88% owned by Selangor state's investment arm, Kumpulan Darul Ehsan Bhd. It inked a deal to acquire a 71.44% equity interest in Century Bond for RM150.03 million in August.
 
KPS had raised stake to 83.19% on Nov 21, when it made the takeover offer for the remaining shares.
 
KPS had previously said the acquisition would fit into its business strategy in the long term, and create value for its stakeholders.
 
Aside from being a leader in the cement-packaging market, KPS views Century Bond as a profitable and cash-generating integrated packaging solutions provider, with growth opportunities in nearby markets.
 
KPS shares closed unchanged at RM1.14 today, which puts the company’s value at RM573.86 million.