Malaysia’s Multi-Purpose Holdings Bids for Magnum Corp.

Malaysia’s Multi-Purpose Holdings has offered to buy Magnum Corp. from the Hong Kong arm of private equity firm CVC Capital Partners, Reuters reported. CVC owns a 47% stake in Magnum. CIMB and Newfields are joint advisers for the deal, Reuters said.

(Reuters) – Malaysia’s Multi-Purpose Holdings said on Wednesday:

* it has offered to buy all remaining shares of unlisted subsidiary Magnum Corp from Hong Kong arm of private equity firm CVC Capital Partners and the management of the company.

* CVC’s 47 percent stake in Magnum and 670 million ringgit worth of loan stock was worth 1.6 billion Malaysian ringgit ($527.4 million) to be settled in cash and new Multi-Purpose stock.

* Magnum management’s two-percent stake was priced at 37.2 million ringgit and will be settled by the issuance of new stock.

* Multi-Purpose says the acquisition will make gaming its core business, but the company said last year that it would likely relist Magnum, which was privatised in 2008.

* CIMB and Newfields are joint advisers for the deal. ($1 = 3.034 Malaysian Ringgit) (Reporting by Min Hun Fong; Editing by Julie Goh)