Wednesday June 27, 2012
TSH unit launches takeover offer
KUALA LUMPUR: TSH Resources Bhd's indirect wholly-owned subsidiary Bisa Jaya Sdn Bhd, together with Chin Leong Thye Sdn Bhd, Lee Chin Hwa, Lee Min Huat and Lee Sep Pian, has proposed to acquire all the voting shares of RM1 each in Pontian United Plantations Bhd not already owned by them at an offer price of RM90 per share via a voluntary conditional takeover offer.
It told Bursa Malaysia yesterday that the joint offerors directly held 1.71 million Pontian shares, or a 19.72% stake.
The offer price of RM90 will be satisfied through RM45.06 in cash and RM44.94 via the issuance of twenty-one TSH “consideration shares.”
TSH consideration shares represents the ordinary shares of 50 sen each in TSH to be issued at a price of RM2.14 per TSH Share, which is about a 10% discount to the five-day volume weighted average market price of TSH Shares up to and including June 25.