AbleGroup gets general offer for 13 sen per share

PETALING JAYA: AbleGroup Bhd has received a general offer from a group led by its managing director Datuk Allan Lim Kim Huat at a cash consideration of 13 sen per share.

In a filing with Bursa Malaysia, AbleGroup said Parallel Pinnacle Sdn Bhd, whose controlling shareholders are Lim and his wife Datin Chan Shiou Bin, had entered into an unconditional share sale agreement to acquire 28.3 million shares, or a 10.72% stake, in AbleGroup at 13 sen per share.

The deal would effectively raise Lim and Chan’s collective stake in AbleGroup to 43.97% from the 33.25% currently held, thus the obli- gation to extend the mandatory takeover offer for all the remaining shares in the company that is involved in the property development as well as marble and granite slab businesses.

Lim and Chan, being the controlling shareholders of Parallel through their interest in Golden Century Overseas Ltd, are deemed as the ultimate offerers in the deal.

AbleGroup’s shares were suspended yesterday pending the announcement. The counter was last traded at 14 sen.

Trading in the shares of AbleGroup will resume today.

The consideration for the offer at 13 sen per share would be satisfied fully by cash.

It was noted that the offerers intended to maintain the listing status of AbleGroup on the Main Market of Bursa Malaysia.

Accordingly, the offerers would address any potential shortfall in the public shareholding spread of 25% upon completion of the offer.

They have no intention to invoke the provisions of Section 222(1) of the Capital Market and Services Act to compulsorily acquire any outstanding offer shares for which valid acceptances have not been received prior to the closing date of the general offer.