KUALA LUMPUR: Willowglen MSC Bhd
group managing director Wong Ah Chiew’s mandatory takeover offer for shares in the computer-based control systems supplier attracted poor response.
According to a filing with Bursa Malaysia, New Advent Sdn Bhd - the investment vehicle controlled by Wong and his family members - received valid acceptances amounting to only 10,500 shares by the closing date (Wednesday).
New Advent had offered 80 sen per Willowglen share, which independent adviser Mercury Securities Sdn Bhd and Willowglen’s non-interested directors deemed “not fair and not reasonable”. Thus there is no change to its 55% shareholding in Willowglen.
On Sept 12, New Advent and its persons acting in concert boosted their combined shareholdings in Wilowglen to 55% after New Advent bought 22.92% of Willowglen’s issued shares for RM44.61mil, or 80 sen each.
The offeror has stated its intention to maintain the listing status of Willowglen on the Main Market of Bursa Malaysia unless sufficient valid acceptances were obtained to invoke the compulsory acquisition of the remaining shares.
When New Advent submitted its offer document on Oct 11, Willowglen shares were already trading above its offer price, at RM1.16 each. Since then, the price has climbed higher, closing at RM1.21 on Wednesday.
Limited time offer:
Just RM5 per month.
