Johan chief ups takeover offer price to 26 sen apiece

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KUALA LUMPUR (Oct 12): Johan Holdings Bhd chief executive Tan Sri Tan Kay Hock and his wife Puan Sri Tan Swee Bee have upped the offer price for Johan shares that they do not own to 26 sen per share, from 25 sen previously.

In a filing to Bursa Malaysia today, the company said the couple via their vehicle Mustika Manis Sdn Bhd had acquired a further 15 million Johan shares, representing a 2.41% stake at 26 sen per share today, for a total of RM3.9 million in cash.

Yesterday, Mustika Manis had acquired 15 million Johan shares at 25 sen each, representing 2.41% of voting shares, for a total of RM3.75 million. Prior to that Tan and his wife already held a 45.76% stake in Johan via their vehicles Kin Fai International Ltd, Kwok Heng Holdings Ltd, Star Wealth Investment Ltd and Suncrown Holdings Ltd.

The acquisition today brings their total shareholdings in the company to 315.11 million shares, or a 50.58% stake. Accordingly, the offer has become unconditional as to level of acceptances as at Oct 12.

Johan shares were up 2 sen or 7.7% to 28 sen at 4.06pm today, with a trading volume of 11.82 million shares.