KUALA LUMPUR (Aug 18): Aluminium Co of Malaysia Bhd (Alcom) received a takeover offer from Towerpack Sdn Bhd at 61 sen a share. The takeover offer is a result of Towerpack's planned acquisition of a controlling 59.16% stake in Alcom.

In a statement to Bursa Malaysia today, Alcom said Towerpack planned to buy the 59.16% stake comprising 78.23 million Alcom shares from Novelis Inc for RM47.72 million or 61 sen a share.

Alcom said Towerpack and Novelis signed the sale and purchase agreement today. Alcom shares closed at 79.5 sen yesterday (Aug 17) for a market value of RM106.8 million.

Today, Alcom's share trade has been suspended between 9am and 2:30pm in conjunction with the announcement.

"Upon completion of the proposed acquisition, Towerpack's holdings of the voting shares of Alcom will increase from nil to 59.16%. As such, in accordance with Section 218(2) of the Capital Markets and Services Act 2007 and Section 9(1) of Part III of the Malaysian Code on Take-Overs and Mergers 2010, Towerpack will be required to extend a mandatory takeover offer to acquire the remaining voting shares of Alcom not already owned by Towerpack and persons acting in concert with it (if any) at RM0.61 per Alcom share," Alcom said.

Alcom said AmInvestment Bank Bhd is advising Towerpack on the acquisition.

According to AmInvestment's press notice, Yeoh Jin Hoe is the ultimate offeror as he is a director and the controlling shareholder of Towerpack.

Yeoh is already a director and major shareholder in Can-One Bhd.

He is also the group managing director of Kian Joo Can Factory Bhd and Box-Pak (M) Bhd.

AmInvestment said the Yeoh's planned acquisition of Alcom would allow him to venture into manufacturing and trading of products including aluminium sheet and foil.

"As a result of the proposed takeover offer, holders of the Alcom shares will be provided with an opportunity to realise their investment in Alcom shares for cash at the offer price," AmInvestment said.