KUALA LUMPUR (May 23): Controlling shareholders of Wing Tai Malaysia Bhd (WTM) want to take company private at RM1.80 per share — 52% premium over its last traded price of RM1.18.

In a filing to Bursa Malaysia today, the company said it has received a voluntary takeover offer from Wing Tai Holdings Ltd (WTH) and Wing Tai Investment & Development Pte Ltd (WTID) for a cash offer.

The announcement said the controlling shareholders have no intention to maintain the listing status of the company, which is involved in property development and fashion retailing.

WTH and WTID directly hold 222.37 million and 91.94 million WTM shares respectively, representing a total of 66.13% of the voting shares of WTM.

WTM's share price has been going downhill since mid-2013. The stock has drifted down from a peak of RM2.225 in May 2013 to 94 sen in December last year — the lowest level hit since July 2010.

The share price's downward trend is a reflection of the waning interest in the stock as its earnings performance has not fared well in the past three financial years as soft property market and cautious consumer spending have eaten into profitability.

For the financial year ended June 30, 2016 (FY16), WTM's net profit shrank to RM10 million, or 2.24 sen per share, compared with RM69.6 million, or 21.63 sen per share, in the preceding financial year.

WTM manages a portfolio of 12 international fashion brands such as Topshop, Topman, Dorothy Perkins, Miss Selfridge, Warehouse, Burton and Furla. The company's 45% joint venture with Japan's Fast Retailing Co Ltd operates 36 Uniqlo outlets in Malaysia.