Friday 29 Mar 2024
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KUALA LUMPUR (Aug 13): Petaling Tin Bhd will be delisted from the official list of Bursa Malaysia Securities Bhd, following the unconditional voluntary takeover of the loss-making property developer by gaming tycoon Tan Sri Dr Chen Lip Keong.

In a filing with the exchange today, Petaling Tin said its entire issued share capital will be removed from the official list with effect from Thursday.

As of Aug 10, Chen controls some 95.9% of Petaling Tin. On May 31, the tycoon offered to buy the 34.58 million shares or a 9.998% stake in Petaling Tin that he does not own back then, at 40 sen per share or a total of RM13.83 million.

On July 2, Inter-Pacific Securities Sdn Bhd said Chen’s offer was not fair, but reasonable for minority shareholders. The firm recommended that the minority shareholders accept the offer.

Inter-Pacific said it was deemed “not fair” as Chen’s 40 sen offer represented a discount of between 61.9% and 62.26% to the range of Petaling Tin’s revalued net asset value, hovering between RM1.05 and RM1.06 per share.

Petaling Tin shares have been suspended since Aug 3, following the takeover.

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