Magna Prima’s largest shareholders end takeover offer with 54.96% stake
The offerors—through Hallson Holdings Sdn Bhd—received 76.
The offerors—through Hallson Holdings Sdn Bhd—received 76.
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.
This came after their company, Hallson Holdings Sdn Bhd, bought a 5.
To undertake the project, a special purpose vehicle will be established with Twinicon holding a 75% stake and Crest Star holding the remaining 25%.
Following the acquisition, Edxus Solutions now holds 26.
The development land was acquired by Magna Prima's wholly-owned subsidiary Twinicon (M) Sdn Bhd from Lai Meng Girls School Association in 2014 for RM148.
Magna Prima saw its share price jump to a three-year high of 76 sen last Thursday before declining on Friday.
In a reply to the stock market regulator's unusual market activity (UMA) query, Magna Prima said the company and its subsidiaries have been continuously on the lookout for opportunities to strengthen its financial position.
In a bourse filing on Tuesday (Aug 22), Magna Prima said it had on Tuesday inked a sale and purchase agreement with Lee Shu Shun for the proposed acquisition.
TAFI Industries said its wholly owned subsidiary TAFI Home & Office Sdn Bhd (formerly known as Home & Office Furniture Sdn Bhd) accepted a turnkey construction contract awarded by Magna Park Sdn Bhd, an indirect wholly owned unit of Magna Prima.