PETALING JAYA: Financial services firm Hwang Capital (M) Bhd (HCM) has received a voluntary takeover offer from chairman and controlling shareholder Hwang Lip Teik (HLT) and Hwang Enterprises Sdn Bhd to acquire all the remaining ordinary shares which are not already owned by the joint offerors for RM2.65 cash per share or about RM470mil.
As at May 20, the joint offerors held 78.06 million shares, or a 30.59% stake, in HCM.
Affin Hwang Investment Bank Bhd, on behalf of the joint offerors, said HLT, which has a 61.6% stake in Hwang Enterprises, was the ultimate offeror of the takeover offer.
HLT holds 4.07% directly and 26.69% indirectly in HCM. The offer price of RM2.65 represents a premium of 44 sen, or 19.91% over its last traded price of RM2.21 on May 19 prior to its suspension.
Affin said the joint offerors did not intend to maintain the listing status of HCM on the Main Market of Bursa Malaysia.
HCM directors HLT and his brother-in law Teoh Teik Kee are deemed interested in the offer. They have abstained and will continue to refrain from deliberating and voting at all relevant board meetings in relation to the offer.
Hwang Enterprises’ principal activities are the leasing of property and investing in equities. Its directors are Hwang Lip Koon, Hwang Yee Chern and Hwang Yee Tuan.
Hwang Capital shares, whose trading was suspended from Friday and would resume on Tuesday, were last traded at RM2.21.
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