KUALA LUMPUR: Unisem (M) Bhd
group managing director and chairman John Chia Sin Tet is partnering Chinese firms to launch a takeover the company by offering RM3.30 per share.
In a filing with Bursa Malaysia, Unisem said it had on Sept 12 received a notice together with a notice together with a pre-conditional announcement from Maybank Investment Bank Bhd in relation to the voluntary conditional take-over offer.
The takeover offer would be undertaken by Huatian Electronics Group (HK) Limited and Huatian Technology (Malaysia) Sdn Bhd (Chinese offerors) and John Chia, Alexander Chia Jhet-Wern, Jayvest Holdings Sdn Bhd and SCQ Industries Sdn Bhd (Malaysian offerors) to acquire all the issued shares in Unisem, not already held by the joint offerors.
Based on 550.56 million offer shares the offer price of RM3.30 per share, the total outlay for the offer will be RM1.816bil.
The offer price of RM3.30 represented a 11.11% premium over Unisem’s last traded price of RM2.97 on Sept 7, 2018.
The offerors intend to maintained the listing status of Unisem after completion of the offer.
The Chinese offerors, Tianshui Huatian Technology Co Ltd (TSHT) and Tianshui Huatian Electronics Group Co Ltd currently do not hold any Unisem shares while the Malaysian Offerors are collectively the single largest shareholder of Unisem, holding in aggregate 176.52 million Unisem Shares, representing 24.28% equity interest in Unisem.
On Sept 12, TSHT and the Malaysian offerors have entered into a collaboration agreement under which TSHT and the Malaysian offerors have agreed to participate in the offer as joint offerors and to form a strategic partnership for the expansion and development of the offeree’s business operations upon completion of the offer.
Upon completion of the offer, Huatian Technology (Malaysia) will be the single largest shareholder of Unisem as all offer shares validly accepted pursuant to the offer shall be acquired by Huatian Technology (Malaysia) and Huatian Electronics.