KUALA LUMPUR: Temasek Formation Bhd (TFB), a special purpose company owned by AIC Corp Bhd and Jotech Holdings Bhd executive chairman Datuk Goh Tian Chuan has been granted the Securities Commission’s (SC) approval for the proposed merger of Jotech, AIC and AutoV Corp Bhd (AutoV) for RM696mil, to be satisfied via the issuance of new TFB shares.
TFB said in a statement yesterday that the merger offer would comprise an offer of 18 sen for each Jotech share, RM1.80 for each AIC share and RM2.38 for each AutoV share, representing a premium of 20% over the respective five-day volume weighted average market prices (VWAMP) of Jotech, AIC and AutoV shares up to and including July 26, 2011 of 15 sen, RM1.50 and RM1.98 respectively.