PETALING JAYA: TA Enterprise Bhd has received a conditional mandatory general offer (MGO) from co-founder and chairman Datuk Tiah Thee Kian for 66 sen per share after shares held by him and persons acting in concert (PACs) increased to trigger the 33% MGO threshold.
Thee Kian acquired an additional 0.84% stake in TA Enterprise from the open market between June 25 and July 2, with prices between 61 sen and 66 sen, bringing his shareholding to 32.62% from 31.78%.
With the 0.46% stake held by PACs, Thee Kian and and PACs saw their shareholding rise to 33.08%.
The PACs include managing director and CEO Datin Tan Kuay Fong, Kimmy Khoo Poh Kim, Tiah Sook Lin, Tiah Ee Laine, Datuk Tiah Thee Seng and Ong Khay Soon.
The 66 sen offer price represents a 3.58% premium against the five-day volume weighted average price of 63.72 sen per share.
TA Enterprise said the board will appoint an independent adviser to advise the company and shareholders on the reasonableness of the offer.
“The announcement of the appointed independent adviser will be made in due course.”
The offer will remain open for acceptances until 5pm on the 21st day after the posting date.The offeror intends to maintain the listing status of TA Enterprise.
Trading in TA Enterprise shares was suspended from 10.32am yesterday pending the material announcement. The stock was last traded at 66 sen.
Source: The Sun DailyNo tags for this post.