KUALA LUMPUR (Nov 29): Merge Energy Bhd said it had today received a notice of unconditional mandatory takeover offer at 88 sen a share from joint offerors holding an estimated 65.6% stake in the construction company.

In a statement to Bursa Malaysia, the group said the joint offerors are Westiara Development Sdn Bhd, Cerdik Cempaka Sdn Bhd, Fine Approach Sdn Bhd, Anjuran Utama Sdn Bhd and Datuk Lee Tian Hock.

Merge Energy said the joint offerors intend to acquire the remaining Merge Energy shares not held by the joint offerors, ultimate offerors and persons acting in concert. The group said it received the notice from Hong Leong Investment Bank Bhd, which is representing the joint offerors.

"The joint offerors intend to maintain the listing status of Merge Energy on the Main Market of Bursa Securities," Hong Leong Investment Bank said in the notice.

According to Hong Leong Investment Bank, the joint offerors had today acquired 43.96 million shares or a 65.6% stake in Merge Energy, and as a result of this, the joint offerors' stake in the group increased from nil to about 65.6%.

Merge Energy's share trade has been halted from 11:16am today in conjunction with the announcement. In a separate statement to Bursa, the group said trading in Merge Energy shares will resume from 2:30pm today.

Prior to the share trade halt, Merge Energy shares were traded at 88 sen, which values the company at RM58.96 million.