KUALA LUMPUR (April 28): Petaling Tin Bhd (PTB) announced that it has received a notice of unconditional mandatory takeover on behalf of its president Tan Sri Dr Chen Lip Keong for all the shares he does not own, for a cash consideration of 24 sen per share.

According to a bourse filing, Chen had on April 28 acquired some 133.24 million shares, equivalent to 38.53% of the company's share base, increasing his and the persons acting in concert (PACs) stake to 65.07%, from 26.54% prior to the acquisition.

The PACs consist of Puan Sri Lee Chou Sarn, the spouse of Chen, and his three sons, Chen Yiy Hwuan, Chen Yiy Fon and Chen Yepern.

"As the aggregate shareholdings of Chen and the PACs in PTB have increased from approximately 26.54% to 65.07% following the acquisition, Chen is obliged to extend an unconditional mandatory takeover offer to acquire all remaining PTB shares not already held by him and the PACs at a cost consideration of 24 sen per offer share," said PTB.

The offer price of 24 sen per share represents a 7.7% discount to the counter's five-day volume weighted average market prices of 26 sen.

The offer for the shares will be open for acceptance for a period of not less than 21 days, with the closing date no later than the 60th day from the posting date.

PTB fell 0.5 sen or 2% to close at 24.5 sen, for a market capitalisation of RM82.9 million.