Monday, December 13, 2010

Olympia said to be keen on Ananda Krishnan-linked Pan Malaysian Pools

Sourced from here:

But no formal offer has been made
PETALING JAYA: The board of Olympia Industries Bhd has clarified that the company has expressed interest to acquire all the equity shares inPan Malaysian Pools Sdn Bhd from Tanjong plc, a company which has been taken private by T. Ananda Krishnan.
The announcement yesterday came following reports that Olympia's group managing director Tan Sri Yap Yong Seong was interested in acquiring the gaming arm of Tanjong, which was valued at between RM2.3bil and RM2.5bil.
However, the company's directors said no formal offer has been made and that the company would make the necessary announcement should there be further developments.
The board of directors of Olympia wishes to clarify that the company is constantly seeking investment opportunities to complement its businesses, they said.
A Pan Malaysian Pools number-forecast outlet
Olympia is involved in property development, stockbroking, gaming, travel and tours and restaurant operations.
Besides Yap, others eyeing the business included Datuk David Cheng, whose family is involved in the operating of slot machines in the Klang Valley as well as Filipino tycoon Roberto Bobby Ongpin Jr and some international private equity firms.
Pan Malaysian Pools operates number-forecast totalisator and race totalisator businesses as well as manages the National Stud Farm.
It was reported in early October that Ananda, which had privatised Astro All Asia Networks plc earlier, was mulling the disposal of Tanjong's gaming arm.
Pan Malaysian Pools reportedly has 24% share of the local number-forecast market while Berjaya Sports Toto Bhd's market share is about 40% and Magnum Corp Bhd 36%.