Extension urged for Maika offer


  • Business
  • Friday, 18 Jun 2010

GEORGE TOWN: The Penang MIC wants the deadline for G Team Resources & Holding Sdn Bhd’s proposed conditional offer for Maika Holdings Bhd to be extended beyond June 22.

Penang MIC political bureau vice-chairman N. Ahilan said the extension was necessary as many shareholders had received the offer letter late and did not have the time to seek professional advice.

He was commenting on G Team’s offer to acquire Maika shares for 80 sen cash each.

Ahilan said the offer letter was sent out on June 1 but reached shareholders much later.

“There are also many shareholders who have misplaced their share certificates and need time to find them.

“There are also those who did not receive the offer letter, as a result of address changes.

“Then there are those are still on pilgrimage tour and those who have passed away,” he said.

Ahilan said Penang MIC wanted Maika to release the names of all the shareholders who had died, so that their next of kin could dispose the shares on their behalf.

“Amanah Raya Bhd has informed us that it will assist in giving out Letter of Administration to the next of kin of those who died,” he said.

Maika shareholders who had encountered difficulties in the process of selling the shares, have been urged to seek help from the Penang MIC headquarters at 657, Jalan Datuk Keramat.

Those who need help can also contact Ahilan at 012-4935847.

--ends


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