PETALING JAYA: Small-cap glove maker Rubberex Corp (M) Bhd has received an unconditional mandatory takeover offer to acquire all the remaining ordinary shares from Hextar Rubber Sdn Bhd and Datuk Ong Choo Meng for a cash offer price of RM1.80 per share.
In a filing with Bursa Malaysia, Rubberex said Hextar Rubber and Ong had acquired 57.24 million ordinary shares, or a 20.63% stake, in Rubberex yesterday from Seng Sheng Enterprise Sdn Bhd which owns 8.87%, Datuk Seri Chiau Beng Teik (8.16%) and Peh Lian Hwa (3.60%).
Prior to the acquisition, Hextar Rubber and Ong, also known as the joint-offerers, had held a 29.55% equity interest in Rubberex.
“Following the acquisitions, the joint-offerers’ collective equity interest in Rubberex increased from 81.96 million shares to 139.21 million Rubberex shares, representing approximately 50.18% of the equity interest in Rubberex.
“The offer is not conditional upon any minimum level of acceptances of the offer shares, as the joint-offerers already hold more than 50% of the voting shares in Rubberex, ” the company said.
Meanwhile, Rubberex noted that the joint-offerers intend to maintain the listing status of Rubberex on the Main Market of Bursa Malaysia.
Rubberex also said the offer would remain open to acceptance until 5pm Malaysian time for a period of not less than 21 days from the posting date or other dates as the joint-offerers may decide.
Rubberex closed at RM2.92 yesterday.
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