Friday 29 Mar 2024
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KUALA LUMPUR (Sept 08): Automotive components manufacturer Delloyd Ventures Bhd expects its privatisation exercise at RM5.20 apiece to be completed by March 2015, provided shareholders gave their approvals in an extraordinary general meeting in December 2014.

According to group managing director and co-founder Datuk Seri Tee Boon Kee, regardless of whether Delloyd Ventures will be privatised successfully or remain as a listed entity, its business will remain as usual. He added that the independent advice circular (IAC) is expected to be despatched in November.

Speaking to the reporters after the company’s annual general meeting here today, deputy group MD Datuk Leon Tee Wee Leng stressed that the revised take-over offer price of RM5.20 "will be the final price at the moment".

"The prospects for both autoparts manufacturing as well as plantation sectors, are not that great. To us, the offer price has already reflected a premium over the future earnings of the company," he said.

To recap, Delloyd Ventures had on May 16, 2014 proposed a selective capital reduction (SCR) and repayment exercise by its single largest shareholder Chung and Tee Ventures Sdn Bhd (CTVSB), which owns a 34.24% stake in the company.

CTVSB, which is controlled by Tee Boon Kee's family, together with its persons acting in concert, hold a collective 63.58% stake in Delloyd Ventures.

Subsequently on Aug 11, CTVSB raised its offer by 40 sen to RM5.20 per share, up from RM4.80 previously.

 

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