KUB told Bursa Malaysia that the unconditional offer was triggered after Minister of Finance (Inc) (MOF Inc) sold its 22.55% stake in KUB to Anchorscape Sdn Bhd, which is ultimately owned by Temasek Padu, for RM43.9mil cash.
Under a June 2015 agreement, MOF Inc is required to sell its call option shares, after the call option is exercised, to Anchorscape. The call option, whose two-year tenure expires on June 6 (Tuesday), was exercised on Monday.
Temasek Padu unit Gaya Edisi Sdn Bhd, a substantial shareholder of KUB with a 29.62% equity interest and the holding company of Anchorscape, on Monday inked an agreement to transfer all of its KUB shares to Anchorscape.
The 35 sen offer price represents a 39% discount to the counter’s closing price of 57 sen on Monday.
However, the offer is not conditional on any minimum acceptance level as Anchorscape, ultimate offeror Temasek Padu and persons acting in concert have already owned more than 50% of KUB’s voting shares.
Anchorscape also has no plan to take KUB private.
KUB, whose core revenue and profit contributor is its liquefied petroleum gas distribution business (Solid Gas brand), is also involved in sectors such as information and communications technology, agrobusiness (oil palm), food (A&W restaurants) and property.
It recorded earnings of RM22.63mil for the financial year ended Dec 31, 2016, up 188% from the previous year thanks to improved performance of its LPG business and the absence of losses incurred by two loss-making subsidiaries (KUB Builders Sdn Bhd and KUB Precast Sdn Bhd) that were divested.