PETALING JAYA: Hextar Portfolio Sdn Bhd, on behalf of Datuk Ong Choo Meng, has made a conditional voluntary takeover offer to acquire all remaining shares in Hextar Retail Bhd that are not already owned by the offeror and its ultimate offeror, at RM0.43 per share.
Hextar Portfolio currently holds 142.29 million shares, representing a 30.6% stake in Hextar Retail, while person acting in concert, Datuk Ong Kook Liong holds a 0.6% stake.
The RM0.43 offer price represents a 7.5% premium over Hextar Retail’s last traded price of 40 sen on Aug 7. It also represents premiums of between 0.3% and 7.8% over the company’s five-day, one-month, three-month and six-month volume-weighted average market prices.
The offer is conditional upon the offeror and Choo Meng receiving valid acceptances that would result in them holding more than 50% of Hextar Retail’s voting shares.
The offer document is expected to be posted within 21 days from the date of the notice, subject to clearance by the Securities Commission Malaysia. The offer will remain open for at least 21 days from the posting date.
The offeror intends to maintain Hextar Retail’s listing on Bursa Malaysia. The offeror and ultimate offeror do not intend to compulsorily acquire any remaining shares even if the relevant threshold for compulsory acquisition is met.
