PETALING JAYA: Ceramic products manufacturer Goh Ban Huat Bhd (GBH) today announced the entry of a new controlling shareholder after Paragon Adventure Sdn Bhd (PASB) took over Tan Sri Tan Hua Choon’s interest in the company for RM145.7 million.
The move has led to PASB having to undertake a mandatory takeover offer for the remaining shares it does not own in the company at RM1.40 a share and 40 sen per warrant. This marks the exit of once-controlling shareholder Tan, who joined the board in 2008.
In a filing with the stock exchange, GBH said the share offer price represents a 2.1% discount to its last traded price of RM1.43.
Following the acquisition, PASB will collectively hold 51% of the voting shares in GBH and 51% of the total outstanding warrants.
The ultimate offerors are PASB’s shareholders, namely Datuk Seri Edwin Tan Pei Seng and Datuk Seri Godwin Tan Pei Poh, both holding 65% and 35% of the total shares in PASB respectively.
GBH said PASB intends to maintain the listing status of the group on the Main Market of Bursa Malaysia Securities.
Source: The Sun Daily