KUALA LUMPUR: Tan Sri Khoo Kay Peng, who controls Malayan United Industries Bhd
(MUI), is believed to have received a fresh offer for his stake in the asset rich company.
His flagship, MUI controls no less than four other listed companies in and outside the country and has a slew of properties that are undervalued in its books.
A large amount of the properties are in Kuala Lumpur and London and they are believed to hold huge development potential.
The 78-year Khoo has a 47.58% stake in MUI, which in turn has substantial stakes in three other listed companies that are involved in activities from hotel to food manufacturing and financial services.
MUI has a presence in the home deco, fashion and retail segments through Metrojaya and its 35.17% associate, Laura Ashley Ltd that is listed in the UK.
“A strong local personality is keen on the takeover and has hired financial advisory firms to approach Khoo who has been out of the public limelight for several years now,” said a source.
The counter gained 4.08%, or one sen to 25.5 sen, its highest since April. More than 34.39 million shares had changed hands so far, making it the third most traded counter.
The net asset per share is almost 26 sen. However the market value does not reflect the large amount of properties and listed companies under MUI.
Also, sources said that considering Khoo’s block is a substantial controlling stake, it has a premium over the market price.
Several notable names have appeared on its shareholders list, probably on seeing the value in MUI.
Among them is Wong Thean Soon, better known as TS Wong. MUI’s annual report showed that Wong has a smallish stake of less than 1% in the company.
Wong is well known for his position as the managing director and single largest shareholder of MyEG Services Bhd.
Another notable shareholder is Datuk Jayakumar Paneer Selvam, who is also an investor said to be linked to Wong.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
