Temasek Padu general offer for KUB gets negligible acceptance level

PETALING JAYA: Temasek Padu Sdn Bhd (TPSB) has secured an acceptance level of 0.01% from the minority shareholders of KUB Malaysia Bhd with regard to the general offer it made for the latter.

Following this, the stake held by TPSB and the parties acting in concert with it, including Radimax Group Sdn Bhd and Mainserve Sdn Bhd, was little changed at 52.18%, compared with 52.17% previously.

KUB’s shares gained 1.5 sen to close at 51.5 sen yesterday.

The diversified company, which majors in the plantation, informa- tion and communications technology, energy, food and property businesses, received an unconditional mandatory general offer from TPSB and parties acting in concert early last month of 35 sen a share.

In an independent advice circular, Affin-Hwang Investment Bank last week told minority shareholders of KUB to reject the offer, as it was not fair and not reasonable.

Affin-Hwang said the estimated fair value of the entire equity interest of KUB was about RM885.11mil, which translated into an estimated fair value per offer share of RM1.59.

“The offer price represents a discount of approximately 76.97% to the estimated fair value of the offer shares,” it said.

It added that the offer price represented a discount ranging from 28.59% to 40.68% per KUB share.

Hence, it said, the offer was not fair and not reasonable.

KUB president and group managing director Datuk Abdul Rahim Mohd Zin had earlier expressed his intention to reject the offer in respect of his entire shareholding in KUB.