Mulpha receives unconditional takeover offer

PETALING JAYA: Mulpha International Bhd have received an unconditional voluntary takeover offer from its existing controlling shareholders to acquire all the remaining 155.53 million ordinary shares or 49.98% of the total issued shares for RM2.30 per share.

The joint offerors includes Lee Ming Tee, Lee Seng Hui, Lee Seng Huang, Klang Enterprise Sdn Bhd (KESB), Sagittarius Management Sdn Bhd (SMSB), Mount Glory lnvestments Ltd (MGIL), Magic Unicorn Ltd, Mountbatten Corp and Nautical lnvestments Ltd.

As at Sept 23, Mulpha has a total number of 311.18 million shares and the bid will cost the joint offerors Rm357.71mil to buy over the remaining shares.

To note, Lee Ming Tee is the father of Lee Seng Hui and Lee Seng Huang and is the major shareholder in SMSB, an investment holding that also does corporate and property management.

KESB, on the other hand, is an investment holding that has Lee Seng Huang as its major shareholder with a 64% stake with Lee Ming Tee holding 22% of KESB shares. MGIL is also an investment holding that is solely owned by Lee Ming Tee.

Mulpha shares rose by 8.6% or 18 sen to RM2.28 per share on the tabling of the offer.

The joint offerors intend to maintain the listing status of Mulpha on the Main Market, the company’s filing with Bursa Malaysia stated.

They also do not intend to invoke the provisions of subsection 222 (1) of the Capital Markets and Services Act, 2007 to compulsorily acquire any outstanding offer shares should the acceptance level cross the 90% threshold.