PETALING JAYA: Datuk Doh Tee Leong (pic) of Lagenda Properties Bhd
and Epicon Bhd has emerged as the controlling shareholder of loss-making Mercury Industries Bhd via off-market transactions worth RM34.65mil.
This has triggered an unconditional mandatory takeover offer for Mercury, a construction and property development player.
The 49-year-old Doh, through his private vehicle Bright Meadow Sdn Bhd, acquired a stake of 59.88% in Mercury at 90 sen a share from 20 different shareholders on Nov 18.
One of the selling shareholders was Tan You Tiong, the second-largest shareholder who sold shares totalling 9.33%.
Having exceeded the equity threshold of 33%, which triggered a mandatory general offer, Doh is offering to acquire all the remaining Mercury shares at 90 sen.
The offer price represents a discount of 8.24% to the five-day volume weighted average price of Mercury shares up until Nov 15.
The stock closed at RM1.03 yesterday. Compared to the closing price, the offer of 90 sen represents a 12.62% discount.
In a filing with Bursa Malaysia, it is mentioned that Doh intends to maintain the listing status of Mercury on the Main Market of Bursa Malaysia.
“The offeror (Bright Meadow) and the ultimate offeror (Doh) confirm that they have sufficient financial resources to satisfy full acceptance of the offer.
“The offeror and the ultimate offerror have also confirmed that the offer will not fail due to insufficient financial capability and that every holder who wishes to accept the offer will be paid full in cash,” the filing said.
Doh is currently the executive director and a major shareholder of Epicon, formerly known as Konsortium Transnasional Bhd. Epicon, which is listed on the Main Market, is involved in the construction and public transportation services businesses.
Additionally, Doh is a major shareholder of Lagenda, also listed on the Main Market.
Doh is not a director of Lagenda and is not involved in the operations of its property development business.
