KUALA LUMPUR: Can-One Bhd's major shareholder and director Yeoh Jin Hoe has raised his stake in the company to 44.67%, triggering a mandatory takeover offer.
Yeoh, through Eller Axis Sdn Bhd, on Tuesday has entered into a deal to buy 40.2 million shares, or 20.94% of Can-One from Genkho Candoz Sdn Bhd for RM100.6mil, or RM2.50 each.
According to a filing with Bursa Malaysia today, Yeoh is obliged to extend his offer to buyout the remaining shareholders in Can-One at RM2.50 a share.
The deal with Genkho Candoz has raised Yeoh's stake in Can-One to 44.67%.
Together with parties acting in concert, Yeoh, who is a former managing director of Can-One, controls 60.57% of the company.
The takeover offer came at a 15.2% discount compared with Can-One last traded price of RM2.97 on Monday.
UOB KayHian, on behalf of the offerors, said that Yeoh plans to keep Can-One listed on Bursa Malaysia.
Yeoh, 74, is currently the managing director of Box-Pax (Malaysia) Bhd and executive director of Alcom Bhd.