KUALA LUMPUR: Denko Industrial Coproration Bhd, which recently received a conditional voluntary takeover offer from Oregon Technology Sdn Bhd (OTSB), saw 19.35 million of its shares done off-market on Friday.
At 55 sen a share, this was eight sen below the Wednesday's closing price of 66 sen.
The 19.35 million shares accounted for an 18.62% stake in Denko – which is involved in plastic injection moulding and wholesale of foodstuff – based on its paid-up of 104.46 million shares.
To recap, on Feb 2, Singaporean businessman Foo Chee Juan launched a conditional voluntary takeover bid for Denko to consolidate and strengthen his business footprint in the Malaysian plastic injection moulding sector.
StarBiz reported OTSB, which is an investment holding company, is 100%-owned both directly and indirectly by Foo. No reasons were given in the filing as to why Foo, who does not own any shares in Denko, had launched the offer.
If OTSB’s offer is accepted by all Denko stakeholders, the former will be purchasing the complete ownership of Denko for some RM57.5mil. To date, Denko which was listed in 1991, has a market capitalisation of RM66mil.
However, the purchase of shares by Foo will only take effect if more than 50% of Denko’s ordinary shares are to be sold to him. Otherwise, the offer for purchase will be rendered void.
The offer for the ordinary shares, which will be satisfied wholly in cash, will be in force for a period of 21 days effective from the day of Bursa filing.
Foo is also the founder and chief executive officer of ATA Industrial (M) Sdn Bhd.
ATA is a contract manufacturing company, principally involved in the business of manufacturing and sales of precision plastic injection moulded parts as well as assembly of electrical and electronic components and products for both local and global markets such as the UK, US, Singapore and China.
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