Johan shares continue to rise following takeover offer from chairman, partners

PETALING JAYA: Shares of Johan Holdings Bhd continued to rise by 3.85% this morning, after the company received a conditional mandatory takeover offer from its chairman Tan Sri Tan Kay Hock and other persons acting in concert (PACs) for 25 sen per share.
At 11.06am, its share price stood at 27 sen with 7.7 million shares changing hands. It has a market capitalisation of RM162 million.
Kay Hock is also George Kent (Malaysia) Bhd chairman. The PACs include Kin Fai International Ltd, Kwok Heng Holdings Ltd, Star Wealth Investment Ltd and Suncrown Holdings Ltd.
The offer price of 25 sen represents a 2.57% discount to the company's five-day volume weighted average market price of 25.66 sen.
Johan said the board will hold a meeting to deliberate the offer and make an announcement in due course.