Friday 29 Mar 2024
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KUALA LUMPUR (Sep 18): Kian Joo Can Factory Bhd managing director Yeoh Jin Hoe has dumped over half his stake in Aluminium Co of Malaysia Bhd (Alcom), less than a year after he emerged as the controlling shareholder of Alcom in August last year.

Yeoh, who is also a substantial shareholder of Can-One Bhd and the group MD of Box-Pak (Malaysia) Bhd, sold 39.68 million shares in Alcom at RM1.12 per share, or about RM44.44 million, on Sept 15.

The sum was near the RM47.7 million that was paid by Yeoh, via his private investment vehicle Towerpack Sdn Bhd, to acquire 78.2 million shares in Alcom last year, which represented a 59.2% stake in Alcom from Novelis Inc. The acquisition was priced at 61 sen per share.

The share purchase then triggered a mandatory take-over offer for all the remaining Alcom shares not already owned by Yeoh at the same price, an offer that was deemed not fair or reasonable by independent adviser Mercury Securities Sdn Bhd.

Subsequently, the takeover bid received poor response from minority shareholders, recording acceptance level of less than 1% of the target firm’s paid-up capital.

With the stake disposal on Friday, Yeoh is now left with a deemed interest of 29.22% in Alcom.

As of closing, Alcom shares was trading at RM1.23 apiece, with about 154,300 shares done, giving it a market capitalization of RM165.2 million.

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