Thursday 28 Mar 2024
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KUALA LUMPUR: Oriental Interest Bhd (OIB) announced yesterday that it had received a notice of unconditional takeover offer from Jupiter Sunrise Sdn Bhd (JSSB), following the latter’s acquisition of a 51.63% stake in the property developer.    

In the notice filed with Bursa Malaysia yesterday, OIB said JSSB had entered into a conditional share purchase agreement with certain shareholders of OIB to acquire 46.75 million shares for RM116.87 million in cash or RM2.50 per OIB share.

This represents 51.63% of the issued and paid-up capital of OIB of 90.55 million shares, triggering a mandatory takeover offer for the remaining 43.8 million OIB shares or 48.37% not held by JSSB.

OIB also announced yesterday changes in shareholding, including that of executive chairman Datuk Wira Throbani Hanafi and managing director Goh Aik Keong who have ceased to be substantial shareholders after disposing of some 13.5 million and 5.0 million shares respectively.

JSSB was incorporated on Sept 26, 2007 as an investment holding company with an authorised capital of RM100,000.

OIB’s share price jumped 70% last month, rising from RM1.43 on Oct 1 to an all-time high of RM2.45 on Oct 29.

Trading of its shares was suspended on Wednesday and will resume today.

The announcement noted that JSSB intends to maintain the listing status of OIB on Bursa Malaysia.  

According to OIB’s annual report, the group has 30 properties, with a total carrying value of RM98.3 million and RM28.98 million in advances to landowners as at June 30.

These include agricultural land for oil palm cultivation in Kulim, Perak and Seremban, Negeri Sembilan; development land approved for housing in Sungai Petani, Kedah and land for future development in Prai, Penang.

OIB is principally an investment holding company and its subsidiaries are involved in property development, general construction and oil palm planting.


This article first appeared in The Edge Financial Daily, on November 1, 2013.



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