KUALA LUMPUR (Aug 4): The two new majority shareholders of BSL Corp Bhd — Sanichi Technology Bhd managing director Datuk Seri Dr Pang Chow Huat and PNE PCB Bhd executive director Ho Jien Shiung — increased their stake in the group by 1.3% through their takeover offer.

As of the close of the unconditional mandatory takeover offer today, the duo own 53.02% in BSL Corp, the metal stamping group said in a statement.

The 1.3% stake is worth about RM1.45 million, based on the offer price of RM1.15 per share.

The takeover offer was triggered on June 23 after the duo acquired a total stake of 51.72% in the group from Esteem Role Sdn Bhd via direct business transactions with a total value of RM57.48 million or RM1.15 a share.

Pang bought 32.44 million shares or a 33.57% stake, and Ho acquired 17.54 million shares or a 18.15% stake, BSL Corp announced previously.

They then issued the takeover notice via M&A Securities Sdn Bhd to acquire the remaining BSL Corp shares at RM1.15 per share.

On July 26, the independent adviser for the takeover offer, MainStreet Advisers Sdn Bhd, recommended that the minority shareholders accept the offer on its view that it was fair and reasonable.

Shares of BSL Corp today closed down one sen or 0.86% to RM1.15 with a market capitalisation of RM112.7 million.

The joint offerors previously indicated that they intended to maintain the listing status of BSL Corp.