KUALA LUMPUR: Hovid Bhd managing director David Ho Sue San and his private equity backer’s joint offer to buy out the company’s minority shareholders and delist the stock has become unconditional.
They are offering minority shareholders 38 sen a share to exit the company and 20 sen for each warrant.
The closing date for the offer is Jan 12, 2018.
In a filing with Bursa Malaysia, Hovid said it had received notice from Ho and Fajar Astoria Sdn Bhd informing the company of their valid acceptance in respect of the offer shares resulting in the two holding in aggregate 68.2% of the total shares in the company.
As such, the company noted that the final acceptance condition of the offer has been fulfilled and the offer has become unconditional.
Hovid shares closed unchanged at 37.5 sen. while its warrants closed unchanged too at 19.5 sen.