Wednesday August 29, 2012
Bonia gets take-over offe
By THOMAS HUONG
,B>r Offerors to pay RM205mil, or RM2.04 per share, for remaining 49.83%
PETALING JAYA: Bonia Corp Bhd has received a take-over offer from Freeway Team Sdn Bhd, Chiang Sang Sem and Chiang Fong Yee (the joint offerors) to buy the 49.83% stake in the company which is not already owned by the joint offerors and the persons acting in concert (PACs) with them for RM2.04 per share.
This meant that Sang Sem, who is Bonia Corp's founder and executive chairman, and the joint offerors and PACs would need to pay RM204.9mil for the remaining 100.4 million ordinary Bonia shares of 50 sen each which are not already owned by them. Fong Yee is the son of Sang Sem, and is also a Bonia Corp director. Bonia Corp told Bursa Malaysia that its board of directors did not intend to seek an alternative offer, as the joint offerors and PACs hold more than 50% of the issued and paid-up share capital of Bonia.
Bonia Corp will also appoint an independent adviser to advise non-interested directors and shareholders concerning the mandatory general offer (MGO). According to the take-over offer notice from AmInvestment Bank Bhd, Freeway Team and its shareholders, Sang Sem and Fong Yee had acquired a 17.38% stake in Bonia Corp yesterday for RM2.04 per share.
This had increased the shareholdings of the joint offerors and PACs in Bonia Corp to 50.17% (from 32.79% previously), and thus triggered an MGO. The joint offerors intend to maintain the listing status of Bonia Corp. However, if the joint offerors reach a 90% acceptance level for the remaining shares it did not own at the time of making the offer, the joint offerors can decide to invoke the compulsory acquisition provision in the Capital Markets and Services Act, and take steps to privatise the company. Bonia Corp announced last Friday that Sang Sem was in discussion with several parties to acquire certain stakes in Bonia Corp at indicative prices ranging from RM1.80 to RM2 per share.
Bonia closed 9 sen higher at RM2.58 yesterday, before trading in the company's shares was halted at 4.49pm. Trading in the company's shares will resume at 9am today. (August 29).