The nine-member board of Khazanah Nasional Bhd will meet today to discuss the sale of its stake in Pos Malaysia Bhd, people familiar with the matter said yesterday.
The board meeting was supposed to be held last week, but it had to be put on hold as some of the members could not attend the meeting.
Business Times was told only two bids will be brought to the board for consideration.
The two bids are from DRB-Hicom Bhd, which is offering the highest cash offer and from Scomi Group Bhd.
It is understood that DRB is offering about RM3.60 a share for Khazanah's stake in Pos, the country's national postal company.
Khazanah has a 32.21 per cent stake in Pos, and at RM3.60 a share, its stake in the postal company is worth RM622.71 million.
Pos has a book value per share of RM1.54 as at end-December 2010, but the book value will have to be re-adjusted as POS is proposing to pay a special dividend of 7.5 sen on top of a final dividend of 10 sen a share.
Even if the board were to decide on the winning bid today, an announcement on the matter is unlikely, as its decision will have to be endorsed by a special committee at the Ministry of Finance.
The committee is unlikely to go against Khazanah's decision, but its role in this deal is simply because the government has a golden share in Pos.
It is understood that any significant announcement on Khazanah's stake sale will likely be made in the latter part of next week. - By Francis Fernandez of btimes.com.my
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