Taisei Lamick ups takeover offer for Maypak

PETALING JAYA: Japan’s Taisei Lamick Co Ltd (TLC), which owns 54.95% of Malaysia Packaging Industry Bhd (Maypak), has launched an unconditional mandatory takeover offer for the remaining stake at a whopping 65 sen a share.

The offer price is a premium of 15.8% over the five-day, volume-weighted average price of Maypak shares up to and including Wednesday.

The board of the loss-making Maypak had resolved to appoint Mercury Securities Sdn Bhd as the independent adviser for the non-interested directors and holders of the offer shares in relation to the offer.

Maypak also said that it was informed by TLC that the July 29 sale and purchase agreement between TLC and Toyo Seikan Co Ltd had become unconditional yesterday.

Under the agreement, TLC had purchased the 54.95% stake comprising 23.10 million shares for RM3.83mil or 16.6 sen per share.

TLC does not intend to maintain the listing status of Maypak, which is involved in food packaging material.

Maypak was last traded at 57.7 sen, up 11.5 sen. It was suspended yesterday.

In the second quarter ended June 30, 2016, Maypak posted a net loss of RM2.63mil on the back of RM22.35mil in revenue.

The losses were wider than the RM1.59mil recorded a year ago on a revenue of RM21.87mil.

In the first half, Maypak was in the red with a net loss of RM2.20mil, which was wider than the net loss of RM2.09mil in the previous corresponding period.

Maypak’s net asset per share was 49 sen. It also had borrowings of RM21.72mil.