KUALA LUMPUR: Real estate company Kim Feng Capital Sdn Bhd (KF Capital) is making a general mandatory offer (MGO) for all shares in Emas Kiara Industries Bhd (EKIB) that it does not own after boosting its stake in the geotechnical engineering and property development company to 47%.
In a filing with Bursa Malaysia, EKIB said KF Capital had signed agreements with its executive chairman Tan Sri Kamaruzzaman Shariff, deputy executive chairman Roger Wong, Wong’s company Intan Kuala Lumpur Sdn Bhd and Goh Siew Bee to buy a 32% equity interest in EKIB for RM23.52mil, or 80 sen per share.
This raised KF Capital’s stake in EKIB from 15% to 47%, leading it to make an MGO at a cash offer price of 80 sen per share.
KF Capital, which is wholly owned by Simon Sim and Cindi Sim, intends to maintain the listing status of EKIB on the Main Market
The offer will remain open for acceptances until 5pm on the 21st day after the offer document is posted, or any later closing date that KF Capital may announce.
If KF Capital or any person acting in concert with it buys or agrees to buy any offer share during the offer period at a proce higher than the offer price, KF Capital will increase the cash consideration for the offer to be not less than the highest price.
Emas Kiara shares gained half a sen to close at 85 sen on Friday.
Limited time offer:
Just RM5 per month.
