Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on November 30, 2018

KUALA LUMPUR: Merge Energy Bhd said it has 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 filing with Bursa Malaysia yesterday, 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.

The ultimate offerors in the deal are Datuk Tan Gee Swan @ Tan Suan Ching, the controlling shareholder and a director of Westiara Development; Lee Tian Huat, the controlling shareholder of Fine Approach; and Datuk Mohammad Haslan Mohamad Amin, the controlling shareholder and director of Anjuran Utama.

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. It said the notice was received 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 acquired 43.96 million shares, giving the joint offerors a 65.6% stake in Merge Energy yesterday, while the collective shareholdings of the joint offerors, ultimate offerors and persons acting in concert with them in the company rose to 66.8% from 1.2%.

Merge Energy’s share trade was halted from 11.16am until 2.30pm yesterday to facilitate the announcement. On resumption of trading, the company’s shares fell half a sen, or 0.57%, to 87.5 sen, giving it a market capitalisation of RM58.63 million.

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