Scientex gets valid acceptance of 52.54% shareholding in Daibochi

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KUALA LUMPUR (March 18): Scientex Bhd has garnered valid acceptance of 52.54% shareholding in Daibochi Bhd for its share swap deal, according to its filing with Bursa Malaysia.

Daibochi said the share-swap offer will remain open for acceptance up till 5pm on April 1.

To recap, on Nov 14 last year, Scientex announced its intention to acquire a 42.41% stake in Daibochi from 14 shareholders for RM222.5 million or RM1.60 apiece via a share swap. Consequently, Scientex made a mandatory general offer to the minority shareholders in Daibochi.

Under the deal, Daibochi shareholders will have the option to swap 5.5 of their shares for one Scientex share.

Scientex intends to maintain the listing status of Daibochi on the main market after the share-swap deal.

Shares of Daibochi closed unchanged at RM1.58 with 637,100 shares exchanging hands — giving the group a market capitalisation of RM517.21 million.

Meanwhile, Scientex dipped 0.24% or two sen to RM8.46, valuing the group of RM4.35 billion. The counter saw some 736,600 shares done.