Tan raises offer for Johan shares to 26 sen
PETALING JAYA: After acquiring another 15 million shares in Johan Holdings Bhd yesterday at 26 sen each, controlling shareholder Tan Sri Tan Kay Hock has raised the offer to buy all the shares in the ceramics maker-turned-property developer by one sen to 26 sen.
The latest acquisition, valued at a total of RM3.9mil, raises his stake in the company to 50.58%, making the offer unconditional.
He had earlier bought 15 million shares at 25 sen for RM3.75mil via Mustika Manis Sdn Bhd, in which he and his wife, Puan Sri Tan Swee Bee, hold equal stakes.
RHB Investment Bank Bhd said in an announcement to Bursa Malaysia on behalf of the offerer that the offer was revised to 26 sen per share to be equivalent to the price paid by the offerer for the latest acquisition.
Besides controlling Johan and being its chief executive officer, Kay Hock holds a 37.44% stake in George Kent (M) Bhd, a manufacturer of water meters that has also gone into the railway construction business.
He also holds the position of chairman of George Kent, which on Wednesday announced to the stock exchange that the company had entered into a pre-consortium agreement with Siemens AG to bid for the multi-billion-ringgit highspeed rail project linking Kuala Lumpur and Singapore.