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Wednesday March 13, 2013
Emas Kiara gets takeover offer
KUALA LUMPUR: Emas Kiara Industries Bhd has received a takeover offer from deputy executive chairman Wong Kong Foo to acquire the remaining shares he does not own in the company at 45 sen a share.
Based on the pre-suspension price of 36.5 sen, the offer announced yesterday represents a premium of 23.28% or 8.5 sen. Trading of Emas Kiara shares was suspended yesterday.
Emas Kiara said Wong and persons acting in concert with him held a combined 48.77% stake comprising 43.52 million shares following several corporate exercises.
Under the Malaysian Code on Take-over and Mergers, 2010, the offeror is obliged to undertake a conditional take-over offer to buy at 45 sen each the remaining 40.27% or 35.939 million shares not held by the offeror and persons who have irrevocably undertaken not to accept the offer.
The offeror also has to acquire any new Emas Kiara shares that may be issued arising from the exercise, before the close of the offer, of the outstanding options granted to eligible directors and employees of Emas Kiara and its subsidiaries under its employees’ share option scheme.
“The board of directors of the company do not intend to seek an alternative offer,” Emas Kiara said in a filing with Bursa Malaysia.
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