PETALING JAYA: Anzo Holdings Bhd managing director Datuk Chai Woon Chet has made an unconditional mandatory takeover offer (MTO) to acquire the remaining shares of Chinese cuisine restaurant operator Oversea Enterprise Bhd for 30 sen per share.
The takeover offer follows Chai’s acquisition of 151.25 million shares for RM45.37mil or 30 sen apiece from four parties, resulting in 62.37% equity ownership in Oversea.
According to a Bursa Malaysia filing, Chai had acquired 73.04 million shares or 30.12% from Oversea 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 20.46 million shares or 8.44% 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%).
“The offeror (Chai) intends to maintain the listing status of Oversea on the Ace Market and does not intend to compulsorily acquire the remaining shares.
“The offeror has also confirmed that the MTO will not fail due to insufficient financial capability of the offeror and that every accepting holder will be paid in full in cash, ” the filing read.
The offer price of 30 sen is 4.76% below Oversea’s 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 offer 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.
According to Oversea website, the group started out in the 1970s as a partnership 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, of which three outlets are in the Klang Valley and two outlets in Ipoh, offering home-cooked Cantonese themed cuisines.
Besides that, Oversea has ventured into the operations of several Dim Sum and café outlets in Kuala Lumpur, Hong Kong and Taiwan.
Through a joint venture, Oversea has successfully launched two casual dining outlets in Genting Highlands under the brand name of WanHoi YAMCH’A and Taibae, as well as a quick service outlet in KLIA2 under the brand name of Santai YAMCH’A.
Meanwhile, Chai 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.
He also currently serves as a director of M3 Technologies (Asia) Bhd and sits on the board of directors of other private companies.