Exsim to acquire 52.5% of WMG, plans MGO

PETALING JAYA: Exsim Borneo Sdn Bhd has agreed to acquire a 52.5% stake in WMG Holdings Bhd from Syarikat Kretam (Far East) Holdings Sdn Bhd for RM75.12mil cash or 16.5 sen per WMG share.

In a filing with Bursa Malaysia, WMG noted that Ben Kong Chung Vui, a person acting in concert with Exsim, has proposed to buy an additional 17.5% in WMG from Syarikat Kretam for RM25mil, also at 16.5 sen per share.

The two parties will jointly hold 70% of WMG post completion of the deal and intend to undertake a unconditional mandatory general offer (MGO) for the remaining WMG shares and outstanding redeemable convertible preference shares at 16.5 sen and 33 sen each, respectively.

Exsim is a wholly-owned subsidiary of Exsim Development Sdn Bhd.

The Exsim Group also recently acquired a 37.5% stake in Pan Malaysia Holdings Bhd via Exsim Hospitality Holdings Sdn Bhd.

The filing stated the offerors intend to maintain the listing status of WMG on the Main Market of Bursa.