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PETALING JAYA: Two financial institutions have put in a bid of RM1.59 per share to acquire the controlling stake in Oriental Capital Assurance Bhd (OCA) from Maika Holdings Bhd, according to sources. A source said the two interested financial institutions consisted of a bank and an insurance company that had tendered in their bids between last October and November.
PETALING JAYA: G Team Resources amp; Holding Sdn Bhd#8217;s offer to take over the scandal-ridden Maika Holdings Bhd turned unconditional yesterday, after having received acceptances of 67.64% or 84.55 million shares. Subsequently, G Team and parties acting in concert (PACs) with it also extended an unconditional takeover offer for Maika#8217;s 74.16% subsidiary, Oriental Capital Assurance Bhd (OCA), at RM1.61 cash per share.
KUALA LUMPUR: G Team Resources Holding Sdn Bhd has received the nod from 30% of Maika Holdings Bhd shareholders for its proposed conditional takeover offer of the company.
PETALING JAYA: Maika Holdings Bhd incurred accumulated losses of RM106.7mil as at Dec 31, 2008 and has been in the red for the past five financial years (FYs) except for FY2005 when it had an extraordinary gain due to a writeback following the liquidation of a subsidiary. In FY08, the group made a loss after tax of RM46mil on the back of RM259mil revenue.