Peace Hill may get new owner

PUBLISHED : Friday, 04 October, 1996, 12:00am
UPDATED : Friday, 04 October, 1996, 12:00am

Red Hill Co, the largest shareholder of Peace Hill Enterprise Group, has agreed to sell Malaysian firm Kong Fa Holding an option to buy its entire 67.22 per cent share holding in the property investment company for about $174.77 million.

Peace Hill said yesterday if the option was exercised by November 29, Kong Fa would have to make a general offer to minority shareholders of Peace Hill. Red Hill is wholly owned by Peace Hill Enterprise (Holding).

Peace Hill shares were last traded at $3.775 on September 30, the last trading date before the signing of the agreement. Assuming the option is exercised, the offer price will be $4.054, a premium of 27.9 cents or 7.4 per cent to the last traded price.