KUALA LUMPUR: Fashion apparel firm Voir Holdings Bhd's 66.93 million shares were 50.7% stake was traded off-market on Friday at an average price of 50 sen.
Stock market data showed the 50.7% stake was traded at a steep discount to the market price of 72 sen.
There were also 33.46 million warrants crosses at nine sen each, which was more than half of the last traded price of 19 sen.
The off-market transactions are linked to the takeover offer from Vista Lestari Development Sdn Bhd and the persons acting in concert (PAC) bought a 50.71% stake in the company.
Friday's off-market deal made the takeover offer by Vista Lestari and the persons acting in concert become unconditional.
The offer to acquire Marvellous Future Sdn Bhd’s controlling stake had turned unconditional after the offeror and PAC held more than 50% of Voir’s voting shares.
Vista Lestari offered to buy Marvellous Future’s stake at 50 sen per share and nine sen per warrant or a total consideration of RM36.47mil. The offer was first made on Feb 29 and was accepted by Marvellous Future, with both signing a conditional sale and purchase agreement on March 29.
Vista Lestari intends to maintain the listing status of Voir on Bursa Malaysia. Datuk Zarul Ahmad Mohd Zulkifli, a director and substantial shareholder of Vista Lestari, is the ultimate offeror, together with Zarul Ikhwan Zarul Ahmad, Mohd Asfirdaus Asri and Datuk Lee Chee Hoe, a guarantor for the financing obtained for the stake acquisition.
Lee is also a director of Zenith Construction Sdn Bhd, Consortium Zenith BUCG Sdn Bhd and Zenith PMC Sdn Bhd, all subsidiaries of Vista Lestari.
Voir houses more than 15 fashion brands, including Soda, Applemints and South China Sea. The company also holds the exclusive licence to distribute Italian sports brand Diadora.
It operates the Garden Lifestyle Store and Café, a semi fine-dining restaurant chain, and Covo, a brand which brings luxury cosmetics to consumers at a lower price.
Voir's net assets per share as at Dec 31, 2015 was 67 sen. It has cash of RM7.47mil.
Limited time offer:
Just RM5 per month.
