Suiwah’s founder proposes a capital repayment and plans to delist the company

In its filings with Bursa Malaysia, Yong Tai said its wholly-owned subsidiary YTB Impression Sdn Bhd terminated the deal due to non-fulfilment of the condition precedent as stated in clause 3.1(c) of the joint development agreement. Yong Tai fell half a sen to close at 32.5 sen yesterday.

KUALA LUMPUR: Retail firm Suiwah Corp Bhd said its founder and managing director Datuk Hwang Thean Long has proposed to delist the company by way of selective capital reduction and repayment (SCR).

Hwang and his family owns a 30,9% stake in Suiwah.

Under the plan, Hwang has proposed a RM110mil capital repayment by Suiwah to other shareholders in the company, which works out to RM2.80 a share.

Shares in Suiwah were last traded at RM2.18 on Thursday, before the counter was suspended on Friday to make way for the announcement.

“The non-interested directors will deliberate on the proposed SCR and upon consultation with an independent adviser to be appointed will decide on the next course of action,” Suiwah said.

The offer by Hwang is open until 5pm Feb 11, 2019.
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