Kerjaya Prospek exec chairman launches takeover of GSB

?The proposed project, if materialised, could provide Tan Chong Motor with opportunity to expand its foothold in the automotive industry in Vietnam,? the company said in a filing with Bursa Malaysia last Friday

KUALA LUMPUR: Kerjaya Prospek  Group Bhd executive chairman Datuk Tee Eng Ho has launched a takeover of property company GSB Group Bhd at 13 sen a share.

Tee, had through Javawana Sdn Bhd on Friday, acquired 24.05% or 127 million GSB shares for RM16.51mil, raising the stake to 40.71%.

Folowing the acquisition, Javawana is obliged to extend a conditional mandatory takeover offer to acquire the remaining 313.10 million GSB shares for 13 sen each.

Tee and his wife Datin Toh Siew Chuon, who is an executive director of Kerjaya Prospek, hold 25% stake each in Javawana. His brother Tee Eng Seng owns the other 50%. 

According to the statement, Toh and Tee own a group of companies involved in property development and had undertaken various residential and mixed development projects in Malaysia.

Javawana plans to maintain the listing status of GSB.

GSB closed up two sen to 13.5 sen with 11.4 million shares done.