New high for Dagang NeXchange Bhd
KUALA LUMPUR: Singaporean businessman Foo Chee Juan’s mandatory takeover offer of plastic injection moulding maker Denko Industrial Corp Bhd, at 60 sen per share, attracted few takers.
Public Investment Bank announced on the offeror’s behalf that as of the first and final closing date of the offer (5pm on Thursday), the offer attracted 33,450 shares representing a valid acceptance level of 0.03% of Denko’s paid-up share capital.
Prior to posting the offer document on Feb 23, Foo, through his company Oregon Technology Sdn Bhd, had already owned 52.18% equity interest. The acceptances bring his shareholding to 52.21%.
The low acceptances level was despite the recommendation dated March 6 by TA Securities Holdings Bhd (the independent adviser for the offer) that shareholders was of the view that the offer was fair and reasonable, and recommended that shareholders accept it.
Denko’s share price closed at 68 sen on Thursday, up 2.5 sen from the previous day. On the day of the posting of the offer document, the counter also closed at a price above the offer - 67 sen per share,
The offer price equals the price paid by Oregon Technology for its share acquisition on Feb 17.
Foo, 56, is the chief executive officer of ATA Industrial (M) Sdn Bhd, a company established by him which makes precision plastic injection moulded parts and assembles electrical and electronic components and products.
It has been his intention to maintain the listing status of Denko on the Main Market of Bursa Malaysia.
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