This article first appeared in The Edge Financial Daily, on March 8, 2016.
Voir Holdings Bhd (-ve)
APPAREL retailer Voir (fundamental: 0.35/3, valuation: 0.3/3) rose 1.3% to a five-year high of 76 sen yesterday with barely 186,000 shares done.
Last Tuesday, the company announced that its holding company had accepted the offer by Vista Lestari Development Sdn Bhd to acquire 66.9 million shares or a 50.7% equtiy stake at 50 sen per share and 33.5 million warrants or 55.8% of total outstanding warrants at nine sen per warrant.
Under the listing requirement, Vista Lestari will be obliged to extend a mandatory takeover offer to acquire all remaining shares and warrants, upon the sale and purchase agreement becoming unconditional.
Voir is primarily involved in the design and retail of, footwear and accessories under its own brands, including ‘VOIR’, ‘SODA’, and Applemints. In 2014, Voir fell into the red with a net loss of RM1.3 million and net loss widened to RM4.5 million in 2015, due to lower sales and margins.