Singaporean-owned Oregon Tech launches takeover of Denko

KUALA LUMPUR: Denko Industrial Corporation Bhd has received a conditional voluntary takeover offer from Oregon Technology Sdn Bhd at 55 sen cash a share.

Denko said on Thursday the ultimate offeror is Foo Chee Juan who owns 100% or 4999,999 shares of Oregon Tech. 

As at this date of notice, the offeror and parties acting in concert do not own any shares in the Denko. Foo is a Singaporean, 56, who set up ATA Industrial (M) Sdn Bhd of which he is the CEO.

At 55 sen a share, this was 9.5 sen or 20.88% above the closing price of Denko 45.5 sen on Jan 31.

Denko – which is involved in plastic injection moulding and a wholesale of foodstuff -- said the offeror wants to maintain the listing status of Denko on the Main Market of Bursa Malaysia Securities. 

Trading in Denko shares was suspended from 10.30am and will resume at 11.33am. 

Prior to the suspension, its share price was up two sen to 47.5 sen.