They had acquired a 51.72% stake or 49.98 million shares in BSL Corp for RM57.47mil or RM1.15 a share from Esteem Role Sdn Bhd in the morning session on Wednesday in an off-market deal.
Market data showed 58.24 million shares were traded in the off-market deal, which included the 49.98 million shares.
Following the acquisition of the 51.72% stake in BSL Corp, after excluding 1.36 million treasury shares, via a direct business transaction, they were required to extend an unconditional mandatory takeover offer for the remaining 46.65 million shares.
BSL Corp is a metal stamping company which started out as a supplier of products and services to top Japanese brands involved in electrical and electronic products.
Pang is also the founder of Sanichi Technology which is involved in property development and the fabrication of precision plastic injection moulds and technology.
He now holds 32.43 million BSL Corp shares or a 33.57% stake.
As for Ho, he is also a shareholder of PNE PCB, which is involved in the manufacturing and sale of printed circuit boards.
He holds 17.54 million BSL Corp shares or an 18.15% stake.
They intend to maintain the listing status of BSL Corp on the Main Market.
They do not plan to compulsorily acquire the shares for which valid acceptances which have not been received or prior to the closing date.
The board of BSL Corp said other than the interested directors – Ngiam Tong Kwan, Ngiam Tee Wee and Ngiam Tee Yang who will abstain from deliberating the offer – it will appoint MainStreet Advisers Sdn Bhd to act as the independent adviser to the non-interested directors and shareholders of BSL to provide their independent evaluation and recommendation on the offer.
The appointment of MainStreet is subject to the clearance of their eligibility as the independent adviser by the Securities Commission.
“The board wishes to advise the shareholders of BSL Corp not to take any action which may be prejudicial to your interests and to wait for the offer document from the joint offerers and the independent advice circular from MainStreet to be issued and posted to you on a later date.
“Shareholders of BSL are therefore advised to read carefully the offer document and independent advice circular which will be dispatched to you in due course before taking any action(s) in relation to your offer shares, ” the BSL Corp board said.