?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.
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