PETALING JAYA: Kim Hin Industry Bhd
’s offer for privatisation by its joint offerers including the company and its chairman Chua Seng Huat at 85 sen per share has been deemed “not fair and not reasonable” by an independent adviser.
As such, the independent adviser New Paradigm Securities Bhd said the non-interested minority shareholders and directors of the tile manufacturer should reject the offer.
“We are of the opinion the offer is not fair considering the significant discount of RM2.25 or approximately 72.58% to the estimated value per Kim Hin share, notwithstanding the offer price is at a premium to the historical market prices of Kim Hin shares,” it said.
“Holders should note that as at the latest practicable date (LPD), the joint offerers together with persons acting in concert collectively hold 63.78% of the shares. As of the LPD, the public shareholding spread of Kim Hin is 29.51%,” it said.
