KUALA LUMPUR: Paragon Adventure Sdn Bhd has raised its stake in Goh Ban Huat Bhd to 73.1% at the close of the unconditional mandatory take-over offer on Tuesday.
Maybank Investment Bank said on Wednesday that Paragon Adventure had received acceptances comprising of 41.20 million shares or 22.1%.
The takeover offer came after tycoon Tan Sri Robert Tan Hua Choon sold his 51% stake in the ceramic products company to Paragon Adventure for RM145.71mil.
Independent adviser Public Investment Bank Bhd had advised GBH minority shareholders to accept Paragon Adventure’s offer to acquire all remaining shares for RM1.40 per share.
The takeover offer included its warrants, which were priced at 40 sen a piece after having considered the exercise price of RM1 per warrant.
As for the warrants, it received acceptance comprising of 5.11 million units or 8.4%, raising its stake in the warrants to 36.24 million units or 59.4%.
Paragon Adventure intends to maintain Goh Ban Huat’s listing status on Bursa Malaysia’s Main Market.
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