KUALA LUMPUR (Dec 20): Citaglobal Bhd major shareholders' stake in the group remains at 50.23% after the close of their mandatory general offer (MGO).
Only 17,365 shares, or less than 0.01% of the group's total share base, were sold to the offerors, namely TIZA Global Sdn Bhd, Tan Sri Mohamad Norza Zakaria and persons acting in concert, according to Citaglobal's stock exchange filing on Tuesday (Dec 20).
This raised the offerors' collective shareholdings in the group to 943.32 million shares from 943.31 million. In terms of percentage, however, the major shareholders' stake remains at 50.23%.
The offerors had earlier stated that they intended to maintain Citaglobal's listing status.
Meanwhile, the offerors saw no acceptance for their offers to buy up Citaglobal's irredeemable convertible preference shares (ICPS) and the remaining units of Warrant A.
The offerors own 15 million ICPS, equivalent to 46.07% of the total, and do not own any Warrant A.
Meanwhile, only 375 units of Warrant B were sold to the offerors at three sen each, leaving their holdings largely unchanged at 23.23% or 14.85 million warrants.
In June, Citaglobal signed a conditional agreement with TIZA Global to acquire Citaglobal Engineering Services Sdn Bhd for RM140 million, via the issuance of 736.84 million new shares in Citaglobal at an issue price of 19 sen each.
The agreement became unconditional on Nov 8, increasing the offerors' collective shareholding from 18% to slightly over 50%, triggering the MGO.
The offer price of 19 sen per share represented a 37% discount to 30.15 sen, the five-day volume weighted average market price of Citaglobal shares up to Nov 7, a day before the takeover offer was announced.
Citaglobal's shares, which were trading at 30.5 sen on Nov 7, came under pressure subsequent to the takeover offer, trending downwards to as low as 23 sen on Nov 17, before paring losses gradually in the following weeks.
On Tuesday, the stock settled half a sen or 1.79% lower at 27.5 sen, giving the group a market capitalisation of RM516.41 million.