KUALA LUMPUR (Mar 6): Mulpha Land Bhd has received a mandatory take-over offer from entrepreneur Datuk Fakhri Yassin Mahiaddin, via his private investment vehicle Teladan Kuasa Sdn Bhd, to acquire the rest of Mulpha Land for 49.7 sen a share.

The take-over offer was triggered after Teladan Kuasa exercised a call option to acquire 75 million option shares, representing up to 32.85% equity interest in Mulpha Land, at 47 sen apiece or RM35.25 million.

"The board will be meeting to consider the offer, including as to whether the board will be seeking an alternative person to make a take-over offer for the offer shares, and make an announcement in due course," said Mulpha Land (fundamental: 1.3; valuation: 2.4) in a filing with Bursa Malaysia today.

An independent adviser will be appointed to advise the non-interested directors and non-interested shareholders of Mulpha Land in relation to the offer.

The duration of the offer will last for 21 days.

Currently, Fakhri Yassin, together with the persons acting in concert including Mulpha Land's group managing director Ghazie Yeoh Abdullah, its director Datuk Low Keng Siong, substantial shareholder Lim Chee Khang and Pasukan Sehati Sdn Bhd, own 115.03 million shares or a 50.38% stake in Mulpha Land.

Mulpha Land said it is the intention of Teladan Kuasa to maintain the listing status of Mulpha Land on the Main Market of Bursa Malaysia.

Fakhri Yassin, 39, currently serves as non-independent non-executive director in Eden Inc (fundamental: 0.35; valuation: 0.9). He is also the son-in-law of Tan Sri Abd Rahim Mohamad, who is the executive chairman of Eden.

Mulpha Land’s share price closed four sen or 7.84% higher to 55 sen today, with 3.6 million shares changing hands. Its market capitalisation stood at RM116.43 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)