PETALING JAYA: Yee Lee Corp Bhd’s major shareholders, which own a combined 89.94% stake in the company, have launched a voluntary takeover to acquire the remaining shares at RM2.06 per share.
Yee Lee, which trades in edible oil, said in a filing with Bursa Malaysia that 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 10.06% stake comprising of 19.27 million shares at RM2.06 each or RM39.7mil.
The RM2.06 offer price is 3% above the last traded price of RM2.
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.
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 units are involved in various sectors such as manufacturing, marketing and distribution of fast-moving consumer products, plantation and eco-tourism.