Friday 29 Mar 2024
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KUALA LUMPUR (Nov 8): After acquiring a collective stake of over 50% in Citaglobal Bhd, the new major shareholders made a takeover offer to the minority shareholders on Tuesday (Nov 8) for the remaining shares in the group.

TIZA Global Sdn Bhd, Tan Sri Mohamad Norza Zakaria and persons acting in concert (PACs) are making the offer for the remaining shares at 19 sen per share, according to the takeover notice filed with Bursa Malaysia by Citaglobal.

They had acquired the majority stake in the group via the issuance of 736.84 million new shares at the same price of 19 sen per share.

Following the completion of the acquisition, TIZA Global's shareholding in Citaglobal rose from nil to 670.53 million shares (representing a 35.73% stake).

The collective shareholding of TIZA Global, Norza and PACs in Citaglobal, meanwhile  increased from 206.46 million shares (18.11% stake) to 943.31 million shares (50.27% stake).

Norza, 56, is the sole shareholder of TIZA Global, and also serves as executive chairman and president of Citaglobal.

As for the PACs, they comprise Citaglobal Energy Resources Sdn Bhd, Ikhlas Kamarudin, Datuk Kamarudin Meranun, Datin Siti Munajat Md Ghazali, Mettiz Capital, Polo Investments Ltd, Mettiz Capital Ltd and Datuk Tang Vee Mun.

According to the takeover notice, the offer price of 19 sen per share represents a 36.98% discount over the five-day volume weighted average market price (VWAMP) of Citaglobal shares up to Monday of 30.15 sen, and a 30.88% discount for the one-month VWAMP of 27.49 sen. For the three-month VWAMP of 26.32 sen, the offer price represents a discount of 27.81%.

Meanwhile, for the six-month VWAMP of 25.27 sen, the offer price translates into a discount of 24.81%, and for the one-year VWAMP of 23.97, it translates into a discount of 20.73%.

Citaglobal’s share price finished 4.92% or one and a half sen lower at 29 sen on Tuesday, bringing the group a market capitalisation of RM330.5 million. Year to date, the stock has risen by 23.4%.

 

Edited ByS Kanagaraju
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