KAF-Seagroatt Campbell gets take over offer at RM2.70 apiece

PETALING JAYA: KAF Investment Bank (KAFIB) has proposed to acquire a 76.74% stake in KAF-Seagroatt Campbell Bhd (KAFSC) for RM248.64 million or RM2.70 per share, triggering a mandatory general offer (MGO) for the remaining shares it does not own in KAFSC for RM2.70 apiece.
KAFIB is buying the 76.74% stake from Akka Sdn Bhd, Akka Holdings Sdn Bhd, Datuk Khatijah Ahmad and Thariq Usman Ahmad.
The proposed acquisition will see KAFIB owning the stockbroking, fund management business and research.
"The company believes that KAFSC's consolidation under KAFIB will enable the company to become a more diversified financial services group," KAFSC said.
It also noted that the proposed acquisition represents a consolidation of group-wide entities involved in financial services under the holding company of KAFIB.
"It is in line with the requirements of Bank Negara Malaysia to promote the creation of 'financial group' under Part VII of the Financial Services Act, 2013," it added.
KAFIB, meanwhile, is involved in investment banking, Islamic banking and the provision of corporate advisory services.
KAFIB did not comment on the listing status of KAFSC.
Trading in KAFSC shares was suspended yesterday pending the material announcement. The stock jumped 23 sen or 12.43% to RM2.08 on Wednesday, the day before the announcement.