The Spring Summer collection from Voir. (Paradigm Mall 2nd year anniversary in conjunction with Paradigm in Style - Spring/Summer 2014 on May 05, 2014.) FAIHAN GHANI/The Star.
PETALING JAYA: The offer to buy over fashion apparel firm Voir Holdings Bhd has become unconditional after Vista Lestari Development Sdn Bhd and the persons acting in concert (PAC) with it bought a 50.71% stake in the company.
Kenanga Investment Bank Bhd
said in a stock exchange filing on behalf of Vista Lestari that the offer to acquire Marvellous Future Sdn Bhd’s controlling stake had turned unconditional after the offeror and PAC held more than 50% of Voir’s voting shares.
Vista Lestari offered to buy Marvellous Future’s stake at 50 sen per share and nine sen per warrant or a total consideration of RM36.47mil. The offer was first made on Feb 29 and was accepted by Marvellous Future, with both signing a conditional sale and purchase agreement on March 29.
Vista Lestari intends to maintain the listing status of Voir on Bursa Malaysia. Datuk Zarul Ahmad Mohd Zulkifli, a director and substantial shareholder of Vista Lestari, is the ultimate offeror, together with Zarul Ikhwan Zarul Ahmad, Mohd Asfirdaus Asri and Datuk Lee Chee Hoe, a guarantor for the financing obtained for the stake acquisition.
Lee is also a director of Zenith Construction Sdn Bhd, Consortium Zenith BUCG Sdn Bhd and Zenith PMC Sdn Bhd, all subsidiaries of Vista Lestari.
Voir houses more than 15 fashion brands, including Soda, Applemints and South China Sea. The company also holds the exclusive licence to distribute Italian sports brand Diadora. It operates the Garden Lifestyle Store and Café, a semi fine-dining restaurant chain, and Covo, a brand which brings luxury cosmetics to consumers at a lower price.
Voir shares were last traded at 72 sen on Monday last week.
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