KUALA LUMPUR: Watta Holding Bhd’s group executive chairman Datuk Lee Foo San has launched a mandatory takeover offer for the remaining stake in the company after he raised his total shareholding to 45.59%.
In a letter to the board of directors of Watta on Wednesday, he said the takeover offer was at 50 sen a share after he earlier acquired 11.14 million shares of 13.19% stake at 50 sen also.
Before the share purchase, he held about 32.8% stake or 27.70 million shares. The purchase rose his stake to 45.99% and triggered a conditional MTO for the remaining 45.51 million shares.
He also said the offer will not fail due to insufficient financial resources.
He also intends to maintain the listing status on the Main Market of Bursa Malaysia.
Its subsidiaries Mobile Technic Sdn Bhd (MTSB) and SEMS Services Sdn Bhd (SEMS) offer service and maintenance of mobile telecommunication devices.
In the past, its subsidiary Watta Battery Industries Sdn Bhd (which owns four industrial properties in Balakong, Selangor), had been involved in manufacturing, distribution and trading of automotive batteries.
Having ceased the operations in automotive batteries in 2018, the industrial properties have been converted into investment properties.
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