Asset management company Pengurusan Danaharta Nasional said investment group Atlan Holdings has won a bid for a controlling stake in Naluri, an aviation-based holding company with stakes in two carriers, local media said Saturday.

Danaharta will recover RM437.5 million (US$115.13 million) from Atlan's winning bid for 220.96 million shares or 32 percent, the Business Times said.

Atlan's bid price of RM1.98 per Naluri share beat the second highest bid of RM1.65 per share for the same stake, it said.

There were five bids for the Naluri shares, but three of them were disqualified, Danaharta said.

Of the three disqualified bids, two failed to provide the requisite 2.0 percent earnest money and one had attached conditions outside those permitted under the tender, it added.

The agency said the exact terms of the capital repayment exercise would be determined and announced at a later date.

Sold through market

Danaharta said its remaining 12.84 percent non-controlling block of Naluri shares would be sold through the market "in accordance with policies and procedures," the StarBiz said.

This is the second time Danaharta has offered for sale the 44.8 percent stake in Naluri, which it seized from Malaysian tycoon Tajuddin Ramli after he defaulted on more than RM1 billion in loans, the Business Times said.

Naluri has stakes in two carriers: Air Maldives Ltd and Royal Air Cambodge Co Ltd. and is holding over RM900 million in cash after selling off its substantial stake in national carrier Malaysia Airlines in 2001. - AFP