PETALING JAYA: Kim Hin Industry Bhd
's controlling shareholders, Kim Hin (Malaysia) Sdn Bhd (KHSB) and Chua Seng Huat, have tabled a 85 sen a share unconditional voluntary take-over offer for the remaining 52.94 million shares or 37.75% stake in Kim Hin.
The joint offers currently hold 87.3 million Kim Hin shares, representing 62.25% of the total issued shares. Kim Hin shares closed the week at 46 sen a piece.
In a filing with Bursa Malaysia, Kim Hin noted the joint offerors do not intend to maintain the listing status of the company.
In the event the joint offerors receive valid acceptance of not less than nine-tenths in the nominal value of the offer shares (excluding Kim Hin shares already held by the joint offerors and persons acting in concert with them as at the date of the Offer) on or before the closing date, they intend to invoke the provisions of subsection 222(1) of the Capital Markets and Services Act, 2007 to compulsorily acquire any outstanding offer shares.
