KUALA LUMPUR: Shares in Watta Holding Bhd rose over 11% in early trade Thursday after its group executive chairman Datuk Lee Foo San launched a mandatory takeover offer.
The counter added 11.71%, or 6.5 sen to 62 sen, its highest since July 2019. It is currently trading at a PE ratio of 24.31 times.
Lee launched a takeover for the remaining stake in the company after he raised his total shareholding to 45.59%.
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 increased his stake to 45.99% and triggered a conditional MTO for the remaining 45.51 million shares.
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.
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