G Team needs 20% more approval for Maika offer to become unconditional

  • Business
  • Thursday, 17 Jun 2010

KUALA LUMPUR: G Team Resources & Holding Sdn Bhd has received the nod from 30% of Maika Holdings Bhd shareholders for its proposed conditional takeover offer of the company.

“G Team Resources confirms that as of to-date, 30% acceptance from shareholders was recorded,” said the company, which is partly owned by Tan Sri G. Gnanalingam, in a statement.

This means G Team needs the acceptance of at least just over another 20% of shareholders by June 22, which is the first closing date of the offer, for the takeover offer to turn unconditional.

The offer document to acquire all the shares in Maika for 80 sen a piece was issued on June 1. The offer is conditional on G Team receiving more than 50% of the total voting shares of Maika.

It is believed that the 30% shareholder acceptance includes the 12% owned by Intercontinental Nominees Sdn Bhd.

Intercontinental is commonly perceived to be linked to the current management of Maika led by CEO Vell Paari, who is also son of MIC president Datuk Seri S. Samy Vellu.

However, the process has been somewhat challenging. As most of these shares were subscribed 28 years ago, some 3,000 or 5% of the offer letters were returned to Maika due to change of address or inability by the postmen to locate registered addresses of the shareholders.

As such, G Team is on a publicity drive to inform shareholders what they need to do if they have not received their offer letters or have lost or misplaced their share certificates or if a person is a next of kin of a deceased shareholder.

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