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.