Samudra exec directors make takeover offer at 30 sen each

KUALA LUMPUR: The two executive directors of Kejuruteraan Samudra Timur Bhd (KSTB) have made a voluntary take-over offer for the remaining shares at 30 sen each.

The company said on Monday it had received the takeover offer from Darmendran a/l Kunaretnam and Chee Cheng Chun who collectively hold 43.53 million shares or 23.73% stake and 21.39 million warrants or 30.08% stake.

They have jointly offered to acquire the remaining 138.89 million shares, representing 76.27% stake.

The offer was also for the outstanding warrants 2013/2018 at 18 sen each totalling 69.29%.

Each warrant is exerciseable into one share at a conversion price of 30 sen each.

They have stated that they will maintain the listing status of KSTB.

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