<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on August 1, 2018</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Petaling Tin Bhd said yesterday its shares will be suspended effective from Aug 3, following the takeover of the company by gaming tycoon Tan Sri Dr Chen Lip Keong.</p></div>

<div class=newsTextDataWrapInner><p>The company announced last week that Chen had received valid acceptances in respect of the takeover offer, resulting in him holding more than 90% of the total voting shares.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>As at last Thursday, the closing date of the offer, Chen held a total of 95.2% of Petaling Tin shares.</p></div>

<div class=newsTextDataWrapInner><p>Chen has no intention to maintain the listing status of Petaling Tin, a loss-making property development company.</p></div>

<div class=newsTextDataWrapInner><p>The tycoon, on May 31, offered to buy the 34.58 million shares or a 9.998% stake in Petaling Tin that he did not own back then, at 40 sen per share or a total of RM13.83 million.</p></div>

<div class=newsTextDataWrapInner><p>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.</p></div>

<div class=newsTextDataWrapInner><p>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.</p></div>


KUALA LUMPUR: Petaling Tin Bhd said yesterday its shares will be suspended effective from Aug 3, following the takeover of the company by gaming tycoon Tan Sri Dr Chen Lip Keong.

The company announced last week that Chen had received valid acceptances in respect of the takeover offer, r...

Petaling Tin shares to be suspended from Aug 3 following takeover

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