TMC's public shareholding spread falls below 25%

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KUALA LUMPUR (Oct 24): TMC Life Sciences Bhd's public shareholding spread fell to 24.28% as at Oct 15, 2014.

In an announcement to Bursa Malaysia, the healthcare services provider said  the company's public shareholding spread was at 24.28%, with 2,462 public shareholders — a 0.72% below the Bursa's requirement of 25%.

"As such, TMC is not in compliance with the public shareholding spread requirement pursuant to Paragraph 8.02(1) of the Main Market Listing Requirements," it said.

TMC had on Sept 19 announced that Sasteria (M) Pte Ltd would explore various options or proposals to rectify the public shareholding spread within three months from Sept 18, or such extended timeframe as allowed by the relevant authorities to maintain its listing status.

TMC had subsequently on Sept 23, written to Bursa, seeking an extension of time of six months until March 18 next year to comply with the requirement.

"Bursa has yet to revert on their decision," it said.

To recap, in August 2010, Singapore billionaire Peter Lim first acquired a 29.6% stake in the company.

On Aug 7, he launched a mandatory takeover offer with offer price at 48 sen per share, for the remaining 40.76% shares he does not own.

To date, Lim owns 76.57% of shares in TMC. Though this does not comply with Bursa's listing requirement of having at least 25% public shareholding spread, Lim has expressed his intention to keep TMC listed and would rectify the public shareholding spread.

TMC was down 0.5 sen or 0.93% to close at 53 sen with 1.24 million shares done, bringing its market capitalisation to RM433.34 million.