Japan's KITZ Corp buys big stake in Unimech at a premium


KUALA LUMPUR: Japanese valve maker KITZ Corp is buying a 25.1% stake in UNIMECH GROUP BHD from its major shareholders for RM61.9mil cash.

Shares in Unimech climbed 3 sen at RM1.44 on Tuesday before the deal was announced after the stock market closed.

The company, in a filing with Bursa Malaysia today, said KITZ has entered into a stock purchase agreement with Datuk Seri Lim Cheah Chooi and other shareholders to purchase a total of 37.55 million Unimech shares.

Lim will sell a portion of his holding amounting to 8.76 million shares, or 5.85% stake in the company. The transaction will reduce his current holding of 47.22 million Unimech shares, or 31.56%.

KITZ will acquire the remaining 19.24% stake from other shareholders in the company.

The company said as long as Lim remains a shareholder in Unimech, KITZ has given its undertaking "not to conduct any form of a general offer" without prior approval from Lim.

The deal valued Unimech at RM1.65 a share.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Unimech , KITZ

   

Next In Business News

Kenanga maintains 'outperform' on Dialog as outlook remains intact
Bursa continues to edge lower as Wall Street stays flattish
Trading ideas: MISC, SP Setia, Gas Malaysia, Mega First Corp, Dayang, Sunway REIT, Magnum, Dialog, Kobay and AME Elite
Proton finalises deal to sell and service EVs
China plans more fiscal stimulus as economy outlook darkens
MAA: Total vehicle sales up more than 500% y-o-y in July
Federal Court rules in favour of SC over auditor
S P Setia secures RM1.67bil sales in 1H
Ringgit eases against US dollar
AmBank poised for positive returns in FY23

Others Also Read