KUALA LUMPUR (July 31): Petaling Tin Bhd said today its shares will be suspended with effect from Friday, following the takeover of the company by gaming tycoon Tan Sri Dr Chen Lip Keong.

Petaling Tin announced last week that Chen has received valid acceptances in respect of the takeover offer, resulting in him holding more than 90% of the total voting shares.

As at July 26, which was the closing date of the offer, Chen held a total of 95.2% of Petaling Tin shares.

Chen has no intention to maintain the listing status of Petaling Tin, a loss-making property development company.

The tycoon had on May 31 offered to buy the 34.58 million shares or a 9.998% stake in Petaling Tin that he did not own then, at 40 sen per share or a total of RM13.83 million.

On July 2, Inter-Pacific Securities Sdn Bhd said the offer by Chen was not fair, but reasonable, to minority shareholders. Accordingly, the firm recommended that minority shareholders accept the offer.

Inter-Pacific said it was deemed "not fair" as Chen's 40 sen offer represents a discount of between 61.9% and 62.26% to the range of Petaling Tin's revalued net asset value, which hovers between RM1.05 and RM1.06 per share.

At 3.30 pm today, Petaling Tin shares were unchanged at 39.5 sen.