Major shareholders offer RM185m to take Yee Lee Corp private

Major shareholders offer RM185m to take edible oil trader Yee Lee Corp private

KUALA LUMPUR: The major shareholders of Yee Lee Corporation Bhd, which own a  combined 58.41% stake, have launched a voluntary takeover to acquire the remaining shares at RM2.33 per share.

Yee Lee, which trades in edible oil, said on Friday it had received the voluntary takeover offer from its executive chairman Datuk Lim A Heng @ Lim Kok Cheong, Datin Chua Shok Tim @ Chua Siok Hoon, Lee Ee Young and Langit Makmur Sdn Bhd. Lim is also chairman of Spritzer Bhd.

They are offering to acquire the outstanding 41.59% stake comprising of 79.69 million shares at RM2.33 each or RM185.67mil.

The RM2.33 offer price is 39 sen above the last traded price of RM1.94. Trading was suspended for the announcement.

The offer is not conditional upon any minimum level of acceptances of the offer shares as the joint offeror now hold more than 50% of the voting shares in Yee Lee.

According to Yee Lee, the joint offerors do not intend to maintain the listing status of the company. They will not take any steps to address any shortfall in the public shareholding spread.

At RM2.33 a share, Yee Lee is valued at RM446.43mil  based on the number of shares in the company which is 191.60 million shares.

Yee Lee began its core business as an edible oil repacker in Malaysia in 1968. Since then it has grown into a fully integrated manufacturer and distributor. 

Its companies are involved in various sectors such as manufacturing, marketing and distribution of fast moving consumer products, plantation and eco-tourism.