Wing Tai major shareholders propose to privatise firm

PETALING JAYA: Wing Tai Malaysia Bhd (WTM) has received an unconditional takeover offer from major shareholders Wing Tai Holdings Ltd (WTH) and Wing Tai Investment & Development Pte Ltd (WTID) to acquire all the shares it does not own in the company for RM1.80 a piece.
The offer values the company at about RM855 million. The company’s share price closed unchanged at RM1.18 on Monday. Trading in the shares was suspended yesterday.
WTM, through its subsidiaries, manufactures and retails clothing, and develops property.
In a filing with Bursa Malaysia yesterday, WTM said the offer is not conditional upon any minimum level of acceptances of the offer shares as WTH and WTID already hold more than 50% of the voting shares in the company.
The joint offerors represent a total of 66.13% of the voting shares of WTM.
The company said it will hold a board meeting to consider the offer and make an announcement in due course.
WTM also noted that the joint offerors do not intend to maintain the listing status of the company.