KUALA LUMPUR: Shares of Pesona Metro Holdings Bhd
fell over 2% in early trade Thursday despite receiving a takeover offer from major shareholder Wie Hock Kiong.
The construction company fell one sen, or 2.38% to 20.5 sen with 120,000 shares traded at 9.25am.
Hock Kiong offered to acquire 278.03 million shares or a 40.01% stake in Pesona Metro at a price of 19 sen per share or RM52.83mil cash in the event of full acceptance of the offer.
The mandatory takeover offer comes after the 62-year-old acquired an 80% stake in Kombinasi Emas Sdn Bhd from his younger brother Wie Hock Beng, who is also the managing director of Pesona Metro, for RM18.09mil.
As at Nov 17, Kombinasi Emas owned a 41.54% stake in Pesona Metro.
Hock Kiong and persons acting in concert (PACs), including Hock Beng, collectively own a 59.99% stake in Pesona Metro.
The takeover price of 19 sen per share represents premiums of 1.39% to the five-day and 1.66% to the one-month volume-weighted average market prices (VWAMPs) of Pesona Metro’s shares up to Nov 17 in the open market.
