Willowglen group MD ups stake to 55%, triggers mandatory takeover offer

PETALING JAYA: Willowglen MSC Bhd’s group managing director Wong Ah Chiew has mopped up a 22.2% stake in the company at a 40% discount, bringing his interest in the company up to 55%, triggering a mandatory takeover offer.
New Advent Sdn Bhd, a company controlled by Wong, plans to maintain the listing status of the company.
In a filing with Bursa Malaysia, the company announced that New Advent had purchased interests from six shareholders for the stake at RM44.6 million or 80 sen a share, in a deal signed today.
The stock, which was halted from trading in the afternoon session, closed up seven sen at RM1.39 at the end of morning trade. The stock has gained 84% year to date. It resumes trading tomorrow.
Willowglen MSC counts veteran stockbroker Tan Sri Ong Leong Huat as a substantial shareholder with a 16.14% interest.
The offer for the remaining shares Wong does not own in Willowglen MSC will remain open for 21 days from the posting of the offer document.
For the six-month period ended June 30, 2017, the company saw a 22% jump in net profit to RM9.3 million on the strength of its Singapore operations. This was on a 24% jump in revenue for the period to RM72.7 million from RM58.5 million.