Mulpha Land top officials, Fakhri Yassin launch take over of company

KUALA LUMPUR: Mulpha Land Bhd’s group managing director Ghazie Yeoh Abdullah, entrepreneur Datuk Fakhri Yassin Mahiaddin and several other parties, who will own a 50.38% stake, have served a notice of unconditional mandatory take-over offer for the remaining shares at 49.7 sen each.

Mulpha Land said the other parties acting in concert are its director Datuk Low Keng Siong, Lim Chee Khang and Pasukan Sehati Sdn Bhd, which is a substantial shareholder of Mulpha Land. Lim is a substantial shareholder of Pasukan Sehati.

The take-over offer was triggered after Teladan Kuasa Sdn Bhd – in which Fakhri Yassin, 39, is the ultimate controlling shareholder -- exercised its call option to acquire up to 75 million shares in Mulpha Land for 47 sen each.

The shares account for a 32.85% stake and the purchase price is RM2mil cash. The call option agreement was signed on May 17, 2012.

Upon completion of the call option, Teladan, together with Ketapang Capital Sdn Bhd and Fakhri Yassin will hold 115.029 million shares of Mulpha Land or 50.38%.

The offer will be unconditional as the offeror and parties acting in concert own more than 50.0% after exercising the call option, which is expected to be completed by March 26.

Ketapang Capital owns a 100% stake in Teladan while Fakhri Yassin has an indirect stake.

Fakhri Yassin is an indirect ultimate controlling shareholder of Teladan via his stake in Ketapang Capital. 

He is a director of two tertiary hospitals – Mahkota Medical Centee Sdm and Regency Specialist Hospital Sdn Bhd. 

Described as an entrepreneur with more than 15 years of experience, Fakhri Yassin has diversified business interests, which include healthcare, plantation and manufacturing.

Mulpha Land said the offeror intends to maintain the listing status.

“The board will be meeting to consider the offer, including as to whether the board will be seeking an alternative person to make a take-over offer for the offer ahares, and make an announcement in due course,” it said.