Olympia Industries Bhd yesterday stressed that it was still pursuing its bid to acquire gaming company Pan Malaysian Pools Sdn Bhd from Tanjong plc, which was taken private by tycoon T Ananda Krishnan earlier this year.
Olympia issued a statement to update the status of its bid for the numbers forecast operator in response to an online news report, which stated the company had fallen out of the race to acquire Pan Malaysian Pools.
Pan Malaysian Pools also runs the Big Sweep lottery and manages the horse breeding and related activities of the National Stud Farm.
According to the online news report, businessmen linked to MCA and the Cheng family together with Filipino gaming tycoon Roberto “Bobby” Ongpin were the frontrunners for Pan Malaysian Pools which was valued at about RM2.5 billion.
Last week, The Edge Financial Daily quoted industry sources as saying that Olympia, a company controlled by gaming and property magnate Tan Sri Yap Yong Seong, is looking to put in a RM2.25 billion bid for Pan Malaysian Pools.
Sources also said that Olympia had yet to submit a formal offer as it had not firmed up a financing plan for the proposed deal.
Replying to a query from Bursa Malaysia on Dec 14, Olympia said it had yet to determine its expected offer price for Pan Malaysian Pools and the expected date of submission for the offer as the deal was still being discussed.
“The basis of arriving at the purchase consideration will be dependent on a negotiated willing buyer, willing seller basis,” Olympia said.
The disposal of Pan Malaysian Pools is said to be part of a restructuring exercise in Tanjong’s bid to be syariah-compliant to enable it to tap the Middle East, North African, South Asia and Southeast Asia markets to expand its power-generation business.
Olympia shares fell one sen to 31 sen yesterday with 14.8 million shares traded. by Chua Sue-Ann
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