Dat­aprep gets takeover bid of 16 sen per share

MGO comes at a steep dis­count to mar­ket price

The Star Malaysia - StarBiz - - Front Page - By P. ARUNA aruna@thes­tar.com.my

PETALING JAYA: IT ser­vices com­pany Dat­aprep Hold­ings Bhd has re­ceived a takeover of­fer from the founder of the di­ver­si­fied Wi­dad Busi­ness Group (WBG), Tan Sri Muham­mad Ik­mal Opat Ab­dul­lah, at 16 sen per share.

The of­fer price, how­ever, is at a steep dis­count of 58.97% or 23 sen below its share price of 39 sen on the last trad­ing day prior to the of­fer.

It is also at a 59.97% dis­count to the stock’s five-day vol­ume-weighted av­er­age price of 40 sen.

Dat­aprep’s share price closed five sen lower at 33.5 sen yes­ter­day fol­low­ing the an­nounce­ment.

The cor­po­rate ex­er­cise marks the exit of Datuk Lim Chee Wah, one of the sons of the late Tan Sri Lim Goh Tong of the Gent­ing group, from Dat­aprep.

The takeover of­fer was trig­gered af­ter War­dah Com­mu­ni­ca­tion Sdn Bhd ac­quired 270.54 mil­lion shares or 64.2% stake in the com­pany in an off-mar­ket trans­ac­tion at 16 sen a share from VXL Hold­ings Sdn Bhd. Lim, who has been on the board of Dat­aprep since 2002, owns VXL Hold­ings.

Ac­cord­ing to its lat­est an­nual re­port, VXL Hold­ings has a 64.2% in the com­pany.

Dat­aprep of­fers a full spec­trum of ICT ser­vices to a range of cus­tomers in var­i­ous in­dus­tries, among them govern­ment, ed­u­ca­tion, tele­com- mu­ni­ca­tion and fi­nan­cial ser­vices and prod­ucts.

For the first quar­ter ended June 30, 2017, Dat­aprep had recorded a net loss of RM65,000 on the back of RM13.21mil rev­enue.

Ac­cord­ing to the fil­ing with the stock ex­change, Muham­mad Ik­mal and his wife, Puan Sri Jami­lah Ma­hamad Isa are the ul­ti­mate of­fer­ers of the takeover, be­ing the di­rec­tors and ul­ti­mate share­hold­ers of War­dah Com­mu­ni­ca­tion and its hold­ing com­pany, WBG.

WBG, via its sub­sidiaries, is in­volved in in­te­grated fa­cil­i­ties man­age­ment, con­struc­tion, aqua­cul­ture and ed­u­ca­tion, among other ar­eas, while War­dah Com­mu­ni­ca­tion is in­volved in print­ing and pub­lish­ing. Muham­mad Ik­mal owns 95% of WBG, while his wife owns the re­main­ing 5%.

In the fil­ing, Dat­aprep noted that the of­fer­ers in­tended to main­tain the com­pany’s list­ing sta­tus.

Dat­aprep rose to a 52-week high of 71 sen on March 23 while its 52-week low was 11 sen on Nov 3, 2016.

Ear­lier in Au­gust, Ideal Ja­cobs Malaysia Corp Bhd had pro­posed to ac­quire WBG for RM520mil to en­ter the con­struc­tion and in­te­grated fa­cil­i­ties man­age­ment busi­ness.

In the an­nounce­ment, Ideal Ja­cobs also out­lined plans to dis­pose of its man­u­fac­tur­ing, fab­ri­ca­tion and trad­ing busi­nesses to a Hong Kong in­cor­po­rated firm for RM28mil.

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