Offer for Hovid takeover extended

In a circular to shareholders yesterday, AmInvestment Bank said the offer price of 38 sen is higher than the ascribed equity value of 24 sen to 28 sen per share and represented a premium of 10 sen to 14 sen

KUALA LUMPUR: The voluntary takeover offer by Hovid Bhd managing director David Ho Sue San and Fajar Astoria Sdn Bhd has been extended to Jan 8, 2019 from 
Dec 4, 2018.

In a filing with Bursa Malaysia, Hovid said Ho and Fajar Astoria have extended the closing date for the takeover offer of the company at 38 sen a share being the last extension allowed.

The joint offerors have secured 86.68% of Hovid thus far.

Hovid today also submitted an application for its withdrawal from the Main Market of Bursa Malaysia Securities Bhd. The company obtained shareholders’ approval for the withdrawal on Monday.