Whitmore acquires 2 million MKH shares during takeover offer period

PETALING JAYA (July 17): Whitmore Holdings Sdn Bhd, the offeror in the proposed conditional mandatory takeover offer for MKH Bhd, has acquired 2 million MKH shares at RM1.96 apiece, according to Bursa Malaysia filings on Thursday.

The shares were acquired on Wednesday (July 15) and the dealing was disclosed under Paragraph 19.05 of the Rules on Take-Overs, Mergers and Compulsory Acquisitions, which requires dealings in the target company's shares during an offer period to be announced.

The proposed offer was triggered by the share sale agreement announced in May and covers the remaining MKH shares not already owned by Whitmore.

In a separate filing on Thursday, MKH said its board — excluding the interested directors, namely Tan Sri Lee Kim Yew, Tan Sri Chan Lee Lean and Datuk Chan Fook Weng — had appointed Kenanga Investment Bank Bhd as independent adviser to undertake preparatory work for the company's independent advice circular in anticipation of the proposed conditional mandatory takeover offer.

The appointment was made on July 16 in accordance with Paragraph 3.06 of the Rules on Take-Overs, Mergers and Compulsory Acquisitions. Kenanga will formally act as MKH's independent adviser upon the company's receipt of the notice of takeover offer from Whitmore.

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