Malaysian planter TH Group receives buyout offer

Malaysian palm plantation firm TH Group has received an offer from its major shareholder to buy out the rest of the company, TH Group said on Monday, in a deal valuing it at about $84 million

Tung Hup Holdings has proposed to take TH Group private 0.75 ringgit a share, a 30 percent premium to TH Group's current market price, TH Group said in a filing with stock exchange Bursa Malaysia.

Tung Hup and related parties currently control a combined 53.26 percent in TH Group.

Under the terms of the proposal, TH shareholders other than Tung Hup and parties acting in concert with it will receive 0.75 ringgit a share in cash after a share capital reduction.

Trading in TH Group shares has been suspended since Thursday. The stock was last traded at 0.575 ringgit, having fallen from a 2008 peak of 0.98 ringgit in January to a low of 0.43 ringgit earlier this month.