Ideal United Bintang receives takeover offer

PETALING JAYA: Property developer Ideal United Bintang International Bhd has received an unconditional mandatory takeover offer from its chairman Tan Sri Ooi Kee Liang for 54 sen per share and 1 sen per warrant.
Ooi, together with his spouse Puan Sri Phor Li Wei and ICT Innotech Sdn Bhd are the joint offerors.
This offer came after ICT Innotech, in which Ooi and Phor holds a 50% stake each, acquired a 26.9% stake in Ideal United Bintang from Bumimaju Gaya Sdn Bhd and Lakaran Asia Sdn Bhd for 54 sen per share, bringing its shareholding to 54.06%, triggering a mandatory general offer (MGO).
The offer price represents an 11.48% discount to its five-day volume weighted average price of 61 sen per share. It will remain open for acceptances until 5pm on the 21st day of the posting date.
The offeror intends to maintain the listing status of Ideal United Bintang.
Ideal United Bintang said the board will hold a meeting to deliberate the offer and make an announcement in due course.
Its share price fell 2.5 sen or 4% to close at 59.5 sen today on some 4,000 shares done, while its warrants were unchanged at 11 sen.