Transwater Corp Bhd (TCB) now owns 51 % equity interest in Hyun-dai-Berjaya Sdn Bhd (HBSB) via its acquisition of 100 % stake in Ber-jaya Systems Integrators Sdn Bhd (BSI).
TCB said in its annoucement to the KLSE that this was effected through a share sale agreement entered into between Berjaya Group Bhd and TCb, .
Consequently, TCB is obliged under the Practice Note 2.1 of the Malaysian Code on Takeovers and Mergers 1998 to extend a mandatory offer to acquire all the remaining 49% equity interest in HBSB which are not already held by TCB and persons acting in concert with TCB (excluding 51 % equity interest in HBSB held by BSI).
AmMerchant Bank Bhd had served the notice of mandatory offer by TCB to the HBSB board to acquire the remaining 11.025 million shares in HBSB representing 49% of the issued and paidup capital of HBSB. The offer is at a price of RM4.44 per share of HBSB or at a total consideration of RM49 million to be satisfied by an issuance of 49 million new TCB shares.– Bernama