PETALING JAYA: Jasa Kita Bhd
's substantial shareholders Tan Sri Tan Hua Choon and Datuk Seri Tan Han Chuan, who collectively hold 181.31 million shares or 40.33% equity interest, have inked a conditional share sale agreement with Kintan Prima Sdn Bhd for their stake at RM68.9mil cash or 38 sen a share.
In a filing with Bursa Malaysia, Jasa Kita noted that at present, Kintan Prima, Abd Azis Mohamad (the director and controlling shareholder of Kintan Prima) and persons acting in concert, namely Datuk Seri Iskandar Mizal Mahmood and Datuk Dr Yasmin Mahmood, collectively hold 44 million Jasa Kita shares, representing 9.79% equity interest in Jasa Kita.
Upon completion of the proposed shares acquisition, the parties' stake will rise to 225.32 million shares or 50.12% equity stake and will be required to make a mandatory general offer at the same offer price of 38 sen a share.
The offer price is at a small premium over Jasa Kita's last traded share price of 36.5 sen.
Jasa Kita is involved in the trading and distribution of industrial tools, mechanical air tools and bathroom products.
In a separate filing with the exchange, Jasa Kita noted its wholly owned unit, JKB Development Sdn Bhd has entered into a conditional sales and purchase agreement with Logik Damai Sdn Bhd to dispose of four parcels of freehold industrial land held in Gombak, Selangor, for RM38mil cash
Jasa Kita added the land parcels, measured an aggregate 14,086 sqm. Jasa Kita expects to make a net gain of RM29.5mil from the land sale and plans to use RM19mil from the sale proceeds for working capital.
