Whitmore continues buying MKH, MKH Oil Palm shares below offer prices

PETALING JAYA (Sept 9): Batu Kawan Bhd’s wholly owned subsidiary Whitmore Holdings Sdn Bhd continued buying shares in MKH Bhd and its listed plantation unit MKH Oil Palm (East Kalimantan) Bhd (MKHOP) below the respective prices under its mandatory takeover offers.

In separate Bursa Malaysia filings on Wednesday (Sept 9), MKH and Batu Kawan said Whitmore acquired 735,600 MKH shares at RM1.99 apiece and 485,600 MKHOP shares at 66 sen apiece on Tuesday. The prices were below its offers of RM2 per MKH share and 66.26 sen per MKHOP share.

The latest dealings followed Whitmore’s purchases on Monday of 841,900 MKH shares at RM1.99 each and 203,800 MKHOP shares at 66 sen each.

Across the two trading days, Whitmore acquired 1.58 million MKH shares and 689,400 MKHOP shares.

Whitmore is undertaking unconditional mandatory takeover offers for MKH and MKHOP following acquisitions that triggered the mandatory-offer requirement.

MainStreet Advisers Sdn Bhd, MKHOP’s independent adviser, has advised shareholders to reject the 66.26-sen offer after finding it not fair and not reasonable.

In contrast, Kenanga Investment Bank Bhd, MKH’s independent adviser, has advised MKH shareholders to accept the RM2 offer, while finding it not fair but reasonable.

Separately, MKH said its share registrar, Tricor Investor & Issuing House Services Sdn Bhd, changed its name to Vistra Investor & Issuing House Services Sdn Bhd with effect from Tuesday.

MKH said the registrar has also discontinued its facsimile number and updated its email address, while its address, telephone number and other contact details remain unchanged.

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