AbleGroup gets gen­eral of­fer for 13 sen per share

The Star Malaysia - StarBiz - - News -

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.

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