NIPSEA Holdings International Ltd, the majority shareholder of paint manufacturer Hua Joo Seng Enterprises Bhd (HJSE), has made an unconditional voluntary offer for the rest of HJSE's shares with the intention of taking the company private.
HJSE manufactures paint products under the Nippon brand name. In a statement to Bursa Malaysia yesterday, HJSE said Nipsea, which currently holds a 55% stake in the company, had offered to acquire the other 45% or 26.9 million shares for RM4 each, or a total of RM108mil.
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