Joint offerers secure over 90% of Hovid

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 (joint offerers) have secured more than 90% of the total issued shares of Hovid as at market closing yesterday.

In a filing with Bursa Malaysia, Hovid said the shareholders who have yet to accept the joint offerors’ takeover offer and wish to do so are still able to accept it until the final closing date, which is 5.00 pm on Jan 8, 2019.

Ho and Fajar Astoria have launched the takeover offer of the company and an exit offer in the form of a conditional voluntary offer to take over the remaining shares they do not own at 38 sen per share.

Hovid has submitted an application for its withdrawal from the Main Market of Bursa Malaysia and obtained its shareholders’approval for the withdrawal.

The exchange will suspend trading in all Hovid's shares from 9.00 am on Jan 16, 2019 onwards, being five market days from the final closing date. — Bernama