GBH mi­nor­ity share­hold­ers ad­vised to ac­cept Paragon’s of­fer

The Star Malaysia - StarBiz - - News -

KUALA LUMPUR: In­de­pen­dent ad­viser Pub­lic In­vest­ment Bank Bhd has ad­vised mi­nor­ity share­hold­ers of Goh Ban Huat Bhd (GBH) to ac­cept Paragon Ad­ven­ture Sdn Bhd’s of­fer to ac­quire all re­main­ing shares for RM1.40 per share.

The takeover of­fer came after ty­coon Tan Sri Robert Tan Hua Choon sold his 51% stake in the ceramic prod­ucts com­pany to Paragon Ad­ven­ture for RM145.71mil.

The takeover of­fer in­cluded its war­rants, which were priced at 40 sen a piece after hav­ing con­sid­ered the ex­er­cise price of RM1 per war­rant.

Paragon Ad­ven­ture in­tends to main­tain Goh Ban Huat’s list­ing sta­tus on Bursa Malaysia’s Main Mar­ket.

Pub­lic In­vest­ment Bank said based on its eval­u­a­tion, the of­fer is “fair and rea­son­able” as it pro­vided an exit op­por­tu­nity to the hold­ers to re­alise their in­vest­ment in GBH in cash at the of­fer price.

“Ac­cord­ingly, we ad­vise and rec­om­mend that hold­ers to ac­cept the of­fer,” Pub­lic In­vest­ment Bank added.

Pub­lic In­vest­ment Bank noted that the shares of­fer price is lower than and rep­re­sents a dis­count of 2.10% over the last traded price of GBH Shares as at Sept 26 of RM1.43 and a dis­count of 2.78% over the last traded price of GBH Shares as at the Oct 23 of RM1.44.

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