Denko receives takeover offer of 55 sen a share

PETALING JAYA: Johor-based Denko Industrial Corp Bhd has received a conditional voluntary takeover offer from Oregon Technology Sdn Bhd for 55 sen per share.

In a filing with the stock exchange, Denko said the offer price represents a 11.1 sen or 25.28% premium over its five-day volume weighted average price of 43.9 sen a share.

Denko is a manufacturer of plastic injection mouldings and high-precision plastics parts and a foodstuff wholesaler.

The ultimate offerer is Foo Chee Juan, a director and major shareholder of Oregon Technology, while the person acting in concert is his daughter, Grace Foo Hui Ting. Chee Juan is also the CEO of ATA Industrial Sdn Bhd, which was established in 1993.

The offeror has expressed his intention to maintain the listing status of Denko on Bursa Malaysia.

Currently, Denko’s non-independent non-executive director Datuk Ong Choo Meng is the largest shareholder with a 13.89% stake.

Denko shares rose as much as 19.5 sen or 42.86% to 65 sen yesterday, before closing at 63 sen, up 17.5 sen or 38.46%, with 11.51 million shares traded.