KUALA LUMPUR: Anzo Holdings Bhd managing director Datuk Chai Woon Chet has made an unconditional mandatory takeover offer (MTO) for restaurant owner Oversea Enterprise Bhd after acquiring 63.37% of the company.
In the notice of the takeover offer issued to Oversea board on Thursday, Chai had entered into a sale and purchases of shares agreement with four parties to buy the stake, comprising 151.25 million shares, for RM45.37mil or 30 sen a share.
He acquired 73.04 million shares or 30.12% from the founder Yu Soo Chye @ Yee Soo Chye for RM21.91mil, 50.89 million shares or 20.99% from Lee Lim & Sons Sdn Bhd for RM15.27mil and 8.44% or 20.46 million shares from Yu Tack Teik for RM6.13mil.
The remaining stakes were acquired from Simple Angel Capital Sdn Bhd (0.25%) and Khong Yik Kam (2.58%).
Following the acquisitions, Chai's shareholding in Oversea, which owns restaurants, increased from nil to 151.25 million shares or 62.37%, and he is obliged to extend the MTO.
The offer price of 30 sen is 4.76% below the closing price of 31.5 sen on Wednesday and 8.95% below the five day volume weighted average price (VWAP) for five days of 32.95 sen.
On a one-month VWAP of 29.52 sen, the officer is higher by 1.63%.
However, the offer is up 24.07% from the three month VWAP of 24.18 sen and 28.15% above the six month VWAP of 23.41 sen.
Chai intends to maintain Oversea's listing status on the ACE Market. He also does not intend to compulsorily acquire the remaining shares.
According to Oversea website, the group started out in 1970’s as a partnership business between Yu Soo Chye @ Yee Soo Chye and an independent third party.
They founded the first “Restoran Oversea” in Jalan Imbi, Kuala Lumpur. To date the Group’s operation of food service outlets entails a chain of five Chinese restaurants, three outlets in Klang Valley and two outlets in Ipoh offering home cooked Cantonese themed cuisines.
It was listed on the ACE Market on April 1,2010.
According to Anzo's website, Chai was formerly the managing director of Lintasan Mayang Development Sdn Bhd, which is the developer for Sabah’s biggest integrated township, Alamesra, a 265 acre mixed development with gross development value of RM1.3bil.
Currently, Chai is a director in M3 Technologies (Asia) Bhd and also sits on the board of directors of various other private companies.
He is a major shareholder in Anzo through his interest held in Zenith City Investments Limited and Ocean Milestone Sdn Bhd, a major shareholder of the company.
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