KUALA LUMPUR (Jan 5): The conditional voluntary takeover offer on Complete Logistic Services Bhd (CLSB) by its major shareholder Datuk Eddie Ong Choo Meng (ultimate offeror) and his special purpose vehicle Hextar Tech Sdn Bhd (offeror) has turned unconditional on Wednesday (Jan 5), with both now holding a more than 50% stake in CLSB.

In a press statement, CLSB said both offeror and the ultimate offeror holds 55.21% stake or 71.03 million shares in CLSB as of 5pm on Wednesday.

“Accordingly, the offer has met the acceptance condition and the offer has become wholly-unconditional on Jan 5, 2022,” it added.

This means Ong and Hextar Tech have acquired 26.1% stake or 33.58 million shares after the offer was launched. Previously, Ong holds 37.45 million shares in CLSB, representing about 29.11% of CLSB's issued shares.

As such, CLSB said the offeror and ultimate offeror shall keep the offer open for acceptance for at least 14 days from Wednesday, which is up to 5pm on Jan 19, 2022.

CLSB received the conditional voluntary offer on Dec 7, 2021 from Ong and Hextar Tech (formerly known as Get Asia Group Sdn Bhd) to acquire the remaining ordinary shares in CLSB not already owned by them at RM2.50.

Subsequently, on Dec 31, independent advisor MainStreet Advisers Sdn Bhd advised shareholders to accept the offer, saying the RM2.50 offer was deemed “fair and reasonable”.

MainStreet Advisers said the offer price is equal to the last transacted market price of RM2.50 on the latest practicable date (LPD) of Dec 24, and represents a slight discount of one sen or 0.4% to CLSB's five-day volume-weighted average share price (VWAP) of RM2.51 up to the LPD.

However, it said the offer price represents a premium of 96 sen or approximately 62.34% over CLSB shares' estimated value, which is about RM1.54 per share based on the realised net asset value (RNAV) valuation method.

The firm added that the asset-based approach using RNAV is the most appropriate valuation method to arrive at the fair value of CLSB shares.

CLSB’s shares closed one sen or 0.4% higher to settle at RM2.52 on Wednesday, valuing the company at a market capitalisation of RM324 million.