PETALING JAYA: PASDEC HOLDINGS BHD, whose substantial shareholder Datuk Seri Tew Kim Thin recently launched a mandatory general offer (MGO) for the company, will see the listing of its rights issues and new warrants taking place today.
In a filing with Bursa Malaysia, the Kuantan-based property developer said the listing and quotation of the 114.39 million new warrants, issued together with the renounceable rights issue of 114.39 million rights shares, with effect from 9am today would mark the completion of the corporate exercise that was announced two months ago.
Last week, Pasdec announced the final subscription result of the 114.39 million rights issue undertaken on the basis of two rights shares for every five existing shares held, together with 114.39 million free detachable warrants on the basis of one warrant for every one rights share subscribed at an issue price of 35 sen per rights share.
This saw Kim Thin, through his private investment vehicle Jasa Imani Sdn Bhd, being allotted a total of 74.56 million rights shares, which included its rights entitlement of 32 million units, and an additional 42.56 million units applied via excess application.
Following the subscription of rights shares and warrants in the group, Kim Thin, who is an executive director of Pasdec, saw his shareholding in the company increase to 38.61% from 27.98% prior to the exercise.
Accordingly, Kim Thin was obliged to extend an MGO for Pasdec, announcing his bid last week to acquire 57.74% of Pasdec’s shares and 31.28% of its warrants.
Kim Thin is deemed the ultimate offeror of the exercise as he is the founder and major shareholder of Jasa Imani, with a 58.19% stake. Kim Thin’s son Tew Liang Tze owns another 37.41% of Jasa Imani shares.
Under the offer, Kim Thin had proposed to pay RM121.36mil, or 52.5 sen per share, for the remaining 231.16 million shares he does not own in Pasdec, as well as RM357,900, or one sen per warrant, for the remaining 35.79 million warrants in the company.
The 52.5 sen offer price represented a 24.41% premium against the five-day volume weighted average price of 42.2 sen per share prior to the announcement.
In its announcement of the offer it received from Kim Thin last week, Pasdec said the offeror had intention to maintain the listing status of the company.
Meanwhile, Pasdec also said Pahang State Development Corp (PKNP), which owned a 26.57% stake in the group, had irrevocably undertaken not to accept the MGO offer.
“On June 1, Pasdec was informed by PKNP, a substantial shareholder of Pasdec, that it had yet to obtain the approval from the Finance Ministry to subscribe for its entitlement of 42.56 million rights shares with 42.56 million warrants under the rights issue with warrants,” the group said.
“In conjunction with this, Jasa Imani, a substantial shareholder of Pasdec, had provided an irrevocable written undertaking to subscribe for an additional 42.56 million rights shares with 42.56 million warrants, representing PKNP’s entitlement, by way of excess application and in the manner as allowed in the abridged prospectus issued by Pasdec on May 16, 2018,” it added.