Grand-Flo gets takeover offer at 26c each

?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: IT-related company Grand-Flo Bhd received a take-over offer from  YBG Yap Consolidated Bhd after the latter bought a 53.32% stake or 250.81 million shares on Monday.

YBG Yap had acquired the shares at average of 26 sen each at midday in several off-market deals totalling RM65.21mil.

The acquired shares represented a 53.32% stake based on the shares issued of 483.11 million units.

Ahead of the take-over offer, Grand-Flo's share price had risen to a multi-year high of 30 sen last Friday. 

At midday on Monday, it had slipped 1.5 sen to 27.5 sen. 

The company provides enterprise data collection and collaboration system solutions.

A filing with Bursa at midday showed that YBG Yap Consolidated had acquired 86.76 million shares or 18.44% from Chuah Chew Hai; 5.08% from Grand-Flo Corporation Sdn Bhd nad remainder 27.96% from several other vendors.

Following the acquisition, YBG Yap had made an unconditional mandatory take-over offer to acquire the remaining shares..

PLNC Holdings Sdn Bhd owns 80% in YBG Yap while JYF Capital Sdn Bhd owns the remaining 20%. 

Datuk Seri Yap Ngan Choy holds 100% in PLNC and Datuk Yap Fook Choy 100% in JYF. Both are involved in property development.