Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 7): QL Resources Bhd, which had launched a conditional voluntary take-over of Lay Hong Bhd two weeks ago, announced today that the take-over offer has become mandatory, as its shareholding in the latter has exceeded 33%.

In a filing with Bursa Malaysia today, QL said as a result of its recent purchases of 3.46 million Lay Hong shares from Sept 24 to Oct 7, its shareholding in the latter has exceeded 33% as at Oct 7. QL’s interests in Lay Hong stood at 13.4 million shares or 26.81% as at Sept 22.

Filings with Bursa showed that QL had on Sept 24, 26, 29, 30, Oct 1 and 2, purchased shares in Lay Hong at prices between RM3.17 and RM3.50 a piece.

“In view of the above, the present voluntary take-over offer has become a mandatory take-over offer in accordance to Paragraph 14.1 of Practice Note 9 of the [Malaysian Code on Take-Overs and Mergers 2010] Code,” said QL.

QL added that the terms and conditions of the offer will remain the same, under the mandatory general offer.

To recap, QL had on Sept 24 proposed to undertake a conditional voluntary take-over offer for Lay Hong at RM3.50 per share, following the non re-election of its sole representative, Chia Mak Hooi, on the board of Lay Hong, at the latter’s most recent annual general meeting.

The offer, which will remain open for acceptances for at least 21 days, will be conditional upon QL having received acceptances which would result in it holding in aggregate, more than 50% of the voting shares in Lay Hong.

Lay Hong closed down 1 sen to RM3.50 today, giving it a market capitalisation of RM175.14 million.

Its share price has almost tripled, from trading at just RM1.20 a year ago.

 

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