Shenzen-listed Xiamen launches takeover of Ogawa

  • Business
  • Monday, 09 Sep 2013

KUALA LUMPUR: Shenzen-listed Xiamen Comfort Science & Technology Group Co. Ltd has launched a takeover of Ogawa World Bhd at RM1.05 cash a share or RM126mil.

Ogawa said on Monday that Xiamen's unit Comfort Enterprise (Hong Kong) Co., Ltd was offering a premium of 19 sen or 22.9% above last Friday's closing price of 86 sen.

Ogawa said that several shareholders who owned 53.9% of Ogawa or 64.62 million shares had given their irrevocable undertakings to Xiamen to accept the offer.

Xiamen does not intend to maintain the listing status of Ogawa.

Based on the paid-up of 120 million shares, the takeover would cost Xiamen RM126mil.

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