The company's net profit improved by 5.7% year-on-year to RM42.9mil from RM40.6mil before.
PETALING JAYA: Rexit Bhd
, which provides the electronic link between insurance companies and the Malaysian Road Transport Department, has received an unconditional mandatory general offer (MGO) from its new major shareholders.
The MGO was triggered after Datuk Seow Gim Shen, Metaco Asset Holdings Sdn Bhd and Bemas Holdings Sdn Bhd emerged in Rexit with a 53.27% stake collectively via a direct business transaction.
Seow, 42, acquired a 23.33% stake in Rexit, while Metaco and Bemas purchased an equity interest of 18% and 11.94%, respectively, Rexit said in a filing with Bursa Malaysia. The block of shares were offloaded for RM78.43mil by Rexit’s two largest shareholders, who no longer own any equity interest in the company.
Datuk Chung Hon Cheong, who held a 41.33% stake mostly via his private vehicle Rexit Venture Sdn Bhd, sold his entire stake at 85 sen a share. Chung is also the company’s chief executive officer.
Rexit’s second-largest shareholder, Datuk Abdul Murad Khalid who owned an 11.94% stake through Global Hartabumi Sdn Bhd, also exited the company at the same price, which is at a 7.6% discount to its last traded price of 92 sen.
Following their emergence in Rexit, Seow, Metaco and Bemas issued a take-over offer to acquire the remaining 46.73% stake in the company at 85 sen per share.
The three shareholders would need to pump in almost RM69mil to acquire the remaining shares. Seow currently serves as the chairman of Nasdaq-listed Titan Pharmaceuticals Inc. He also serves as the chairman and director of several technology-related companies including Prima Niaga Group Sdn Bhd.
Metaco and Bemas are investment holding companies, with each of them having an issued share capital of RM1,000.
In a notice from UOB Kay Hian Securities (M) Sdn Bhd, on behalf of the joint offerors, it was mentioned that the offer is not conditional upon any minimum level of acceptances of the offer shares.
This was because the joint offerors already collectively hold more than 50% of the voting shares in Rexit.
It was also noted that the three joint offerors intend to maintain the listing status of Rexit. ln the event Rexit fails to comply with Bursa Malaysia’s public spread requirement, the joint offerors will explore various options or proposals to rectify the shortfall in the public shareholding spread of Rexit.
