Symphony, Ranhill RM800mil deal makes further progress

KUALA LUMPUR: Symphony House Bhd is set to see water and power assets worth a total of RM800mil injected into Ranhill Holdings Sdn Bhd, a new special purpose vehicle incorporated to undertake the proposed reverse takeover (RTO).

In a joint statement here, they said Symphony entered into a proposed scheme of arrangement with Ranhill Holdings on Friday.       “This will entail the exchange of the entire issued and paid-up capital of Symphony, less any treasury shares held on the basis of one Ranhill Holdings share for every 10 existing Symphony shares, at an entitlement date to be determined and announced later,” it said.       They said Symphony will become a unit of Ranhill Holdings and all existing shareholders of Symphony will be shareholders of Ranhill Holdings upon completion of the proposed scheme of arrangement.