This article first appeared in The Edge Financial Daily on October 16, 2019

KUALA LUMPUR: Seremban Engineering Bhd's (SEB) new controlling shareholder MIE Industrial Sdn Bhd has raised its stake in the company to 72.67% or 57.9 million shares, from 69.72%, after the close of a mandatory general offer (MGO).

According to a filing to Bursa Malaysia, UOB Kay Hian Securities (M) Sdn Bhd, on behalf of MIE, said the company has acquired 2.35 million or 2.95% shares at 50 sen per share when the MGO, which commenced on Sept 24, closed at 5pm yesterday.

It has also received acceptances for 0.02% or 14,600 shares under the offer, which are subject to verification, after the posting date and up to the closing date, said UOB.

The MGO was triggered after MIE inked two share sale agreements with Success Transformer Corp Bhd - who owned 65.26% in SEB at the time - as well as four other SEB shareholders, to acquire the 69.72% in SEB, comprising 55.55 million shares, for RM27.77 million or 50 sen apiece.