KUALA LUMPUR (Feb 14): Selangor Properties Bhd (SPB) said today shareholders have approved the proposed selective capital reduction and repayment (SCR) in the company after the majority of them voted for the resolution to privatise the group.

SPB said in a statement to Bursa Malaysia that shareholders had voted on the resolution at the company's extraordinary general meeting (EGM) here earlier today.

"The results of the poll were validated by GovernAce Advisory & Solutions Sdn Bhd, the independent scrutineer appointed by SPB. The application to the High Court to seek confirmation for the reduction of share capital under Section 116 of the Companies Act, 2016 will be lodged in due course," SPB said.

According to SPB, the special resolution which was tabled at the EGM in respect of the proposed SCR is required to be approved by at least a majority in number of the disinterested shareholders of SPB and 75% in value to the votes attached to the disinterested SPB shares that are cast either in person or by proxy at the EGM.

SPB said the special resolution must not be voted against by more than 10% of the votes attached to all the disinterested shares.

"Based on the poll results, the special resolution was voted for by 76.301% in number and 99.023% in value to the votes attached to the disinterested SPB shares that were cast either in person or by proxy at the EGM. Further, 0.374% of the votes attached to all the disinterested shares of the total voting shares of SPB voted against the special resolution. Therefore, the special resolution has been carried," SPB said.

In a separate statement to Bursa today, SPB said trading in its shares has been halted from 11:46am in conjunction with the EGM outcome announcement. SPB said its share trade will resume from 2:30pm.

Prior to the share trade halt, SPB shares rose five sen to RM6.21 after 53,800 shares were crossed.

SPB officials declined to speak to the media at the EGM earlier.