Permodalan Nasional Bhd., Malaysia’s biggest state-asset manager, wants to retain SP Setia Bhd.’s Chief Executive Officer Liew Kee Sin and the existing management even after they dismissed its buyout offer as too low.
Hamad Kama Piah Che Othman, president of Permodalan or PNB, held talks with Liew on Oct. 7 and reassured him of his future, according to a joint statement today. SP Setia’s board said Sept. 29 that the 3.90 ringgit-a-share offer by PNB, the developer’s biggest investor, “fundamentally undervalues” the company and that they would seek competing offers.
“PNB fully appreciates the strong branding and deep- embedded value which has been created in the company through its entrepreneur-led management team,” according to the statement. “PNB recognizes that there is a disconnect between SP Setia’s fundamental value and its share price caused by the present global market turmoil which is why it is seeking to increase its stake in the company.”