PETALING JAYA: Nationgate Holdings Bhd
’s managing director, Ooi Eng Leong, has triggered an unconditional mandatory takeover offer to acquire all shares in metal fabrication firm Ewein Bhd, following his share sale agreement (SSA) with Hijauwasa Sdn Bhd to acquire 120.6 million ordinary shares in Ewein.
The Ewein shares, represents 39.99% of its issued shares, were acquired for a total cash consideration of RM72.4mil or 60 sen per share.
Prior to the acquisition, Ooi was holding 11.6 million Ewein shares, equating to 3.84% shareholding in the company.
With the purchase, his interest in Ewein soared from 3.84% to 43.82%.
Together with persons acting in concert (PAC) with him, namely Datuk Seri Hong Yean Wah and Goh Kiang Teng – who are holding roughly 6.77% shareholding, Ooi and his PACs currently hold 152.6 million Ewein shares or 50.59% shareholding in Ewein.Hong is managing director of electrical engineering company NLE Electrical Engineering Sdn Bhd.
He is also president of the Penang Chinese Chamber of Commerce, while Goh is director and substantial shareholder of VS Solution Services Sdn Bhd, a group principally involved in manufacturing, distributing, importing and exporting all kinds of lamination parts for official security documents.The consideration of the takeover is also 60 sen per offer share to be satisfied wholly in cash, but is at a 16.67% discounted to Ewein’s last traded price of 72 sen a share on June 13, which was the last full trading day prior to the date of the takeover notice issuance.
Ewin closed 1.5sen lower at 70.50 sen yesterday following the tabling of the takeover offer.
The notice also stated that If Ooi, Hong or Goh purchase any of the offer shares from other shareholders in the open market during the offer period at a consideration that is higher than the offer price of 60 sen, they will increase the consideration for the offer to be at least the highest price (excluding stamp duty and commission) paid.
Shareholders who have accepted the offer prior to the revision of the offer price will be entitled to receive the revised price in cash.
The notice stated that Ooi intends to maintain the listing status of Ewein on the Main Board of Bursa Malaysia, and in the event that 90% or more of Ewein shares Ooi, Hong or Goh, an immediate announcement must be made by Ewein declaring that intention.
Upon such an announcement, Bursa Securities shall suspend the trading of the securities of Ewein upon the expiry of 30 market days from the date of the announcement. In this regard, the suspension will only be uplifted upon Ewein’s compliance with the Public Spread Requirement – 25% of total listed shares in public hands – or as may be determined by Bursa Securities.
In October 2021, Ewein founder Datuk Ewe Swee Kheng fell to his death from his Pulau Tikus condominium, at a time when he was a prosecution witness in the graft trial of Democratic Action Party national chairman Lim Guan Eng.
