Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 15): All the pre-conditions for the proposed conditional voluntary takeover offer of Unisem (M) Bhd have been met, and the board will soon appoint an independent adviser to advise the directors and shareholders on the fairness and reasonableness of the offer, the company said in a bourse filing today.

Unisem said it received notice from Maybank Investment Bank Bhd on behalf of the offerors that the pre-conditions including relevant approvals from overseas regulatory authorities had been obtained.

Approvals include those from China's National Development and Reform Commission and Gansu Department of Commerce on overseas investments, and obtaining foreign exchange registrations from China's State Administration of Foreign Exchange. In addition, Tianshui Huatian Technology Co Ltd (TSHT) shareholders were to agree to implement the offer.

In September, the Unisem board received a conditional voluntary takeover offer for the semiconductor firm from its controlling shareholder and executive chairman/managing director John Chia and China's TSHT.

The bid is being made by Huatian Electronics Group (HK) Ltd (HT Hong Kong) and Huatian Technology (M) Sdn Bhd (HT Malaysia) on behalf of TSHT and its holding company Tianshui Huatian Electronics Group Co Ltd.

The joint offerors proposed to pay RM1.82 billion in total or RM3.30 per share to buy out the 75.72% shareholding in the company not owned by them or parties acting in concert. However, the offerors intend to maintain Unisem's listing status.

John, his son Alexander Chia Jhet-Wern, and John's private vehicles, Jayvest Holdings Sdn Bhd and SCQ Industries Sdn Bhd, have inked a collaboration agreement with TSHT for the takeover offer.

The agreement stipulates that the stake held by TSHT will always be at least 10% larger than that held by John, who together with his family members collectively own 24.28% of the company.

The offer is conditional on the joint offerors holding in aggregate more than 50% of the Unisem shares on or before the closing date.

Unisem closed at RM3.08 today, down one sen or 0.32%, valuing the company at RM2.24 billion.

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