SP Setia June 2012

Its president and CEO Tan Sri Liew has for the first time exercised the put option granted to him by PNB, a move that sees him reduce his stake in the company. Liew had on 25 June 2012 transferred 45.19 million SP Setia shares or 2.35% stake to PNB in exercising the put option extended to him under the management agreement dated Jan 2012 based on a transacted price of rm3.95 a piece.

 

The management agreement between Liew and PNB came about after the latter’s aborted takeover of SP Setia that started in Nov 2011.

 

Following Liew’s exercising the option, he now holds a 5.88% stake in SP Setia while PNB and its unit trust funds under management collectively hold about 73.06% stake.

 

When PNB unexpectedly launched its takeover of SP Setia in 2011, questions abound as to whether Liew would remain with the property developer. After the resistance from the management, the offer was upped to rm3.95 in Jan 2012. Liew and PNB also entered into a management agreement where he would remain at the helm of the company for a three year period and there be no changes to the board during that time. As part of the agreement, Liew was also granted the put option to sell its shares in SP Setia to PNB at rm3.95 each during the period.