KUALA LUMPUR: The mandatory general offer (MGO) for Eurospan Holdings Bhd
by its new controlling shareholder, Samuel Ng Heng Hong, has closed with valid acceptances raising his stake in the furniture manufacturer to 84.11%.
AmInvestment Bank Bhd, on behalf of Ng’s private vehicle EC Synergy (M) Sdn Bhd, said in a statement that the offer closed yesterday with acceptances for 4.43 million shares, representing 9.97% of Eurospan’s issued capital.
Combined with his earlier purchase of a 74.14% block from chairman Tan Han Chuan and non-executive director Tan Ching Ching, Ng now controls 37.36 million shares. The takeover was triggered after Ng acquired the Tan siblings’ majority stake for RM75.75mil, or RM2.30 per share.
Independent adviser MainStreet Adviser had advised shareholders to reject the offer, noting the price, while at a 132% premium to net asset value, was at discounts of between 4.1% and 21.4% to recent trading levels.
This marks Eurospan’s second MGO in just over a year, following a RM1.70-per-share bid by the Tan siblings in May 2024.
Eurospan’s shares surged 21.25% yesterday to RM2.91, valuing the group at RM129.3mil. Year-to-date, the stock has gained more than 27% and over 71% in the last one year.
