Share
- Datuk Seri Wong Sze Chien and managing director Seah Ley Hong via their vehicle Hallson Holdings Sdn Bhd, together with Seah’s wife Tan Zhen Lin, collectively hold a 50.43% stake or 201.3 million shares as at 5pm on Thursday, according to a statement issued on behalf of the offerors by AmInvestment Bank.
KUALA LUMPUR (Oct 23): The takeover offer by Magna Prima Bhd’s (KL:MAGNA) largest shareholders—Datuk Seri Wong Sze Chien and managing director Seah Ley Hong—for the remaining shares in the company has turned unconditional, after their collective stake climbed above 50%.
Wong and Seah, via their vehicle Hallson Holdings Sdn Bhd, together with Seah’s wife Tan Zhen Lin, collectively hold a 50.43% stake or 201.3 million shares as at 5pm on Thursday, according to a statement issued on behalf of the offerors by AmInvestment Bank. Another 2.44% stake in valid acceptances received is pending verification.
With the 73 sen apiece takeover offer turning unconditional, the offer has been extended to remain open until Nov 6, from Oct 30 previously.
Wong and Seah intend to maintain Magna Prima’s listing on the Main Market of Bursa Malaysia.
Earlier this week, independent adviser UOB Kay Hian (M) Sdn Bhd deemed the offer “unfair” as it represented a discount to Magna Prima's latest unaudited net asset value, but “reasonable” as it offers shareholders an immediate opportunity to realise their investment in cash at a premium over prevailing market prices.
The offer was triggered after Hallson raised its stake in Magna Prima to 35.73%, following the acquisition of a 5.66% block from Prisma Pelangi Sdn Bhd for RM16.5 million in September.
Shares in Magna Prima ended unchanged at 68 sen, valuing the company at RM272.98 million.
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