Wing Tai shares to be suspended on Aug 17

KUALA LUMPUR (Aug 10): Wing Tai Malaysia Bhd's shares will be suspended with effect from Aug 17, according to a Bursa Malaysia filing today.

This follows the completion of the takeover offer undertaken by the joint offerors — Singapore-listed Wing Tai Holdings Ltd and its wholly-owned unit Wing Tai Investment & Development Pte Ltd.

In May, the joint offerors announced an unconditional voluntary takeover offer to acquire all of Wing Tai Malaysia shares not already owned by them for a cash price of RM1.80 per share.

The joint offerors, controlled by the Cheng family, owned 66.13% of Wing Tai Malaysia at that time. Their shareholding has increased to 96.75% upon the completion of the takeover offer.

Wing Tai Malaysia is mainly involved in property development and fashion retail. Its property developments are mainly in Kuala Lumpur and Penang, while its fashion business has a portfolio of 12 international fashion brands, namely Topshop, Topman, Dorothy Perkins, Miss Selfridge, Warehouse, Karen Millen, Pumpkin Patch, Wallis, BCBG, Ben Sherman, Burton and Furla.

Wing Tai's share price today closed down four sen or 2.22% at RM1.76 for a market capitalisation of RM836.54 million. — theedgemarkets.com

For more stories, download TheEdgeProperty.com pullout here for free.