PETALING JAYA: Chin Hin Group Property Bhd (CHGP) received a conditional mandatory takeover offer from Divine Inventions Sdn Bhd for all the remaining shares and warrants it does not own in the company for 30 sen per share and 10 sen per warrant.
The mandatory take-over offer was triggered after Divine, a wholly owned subsidiary of PP Chin Hin Realty Sdn Bhd, acquired a 1.69% stake in CHGP in the open market for 30 sen per share.
On the same day, CHGP’s founder and chairman Datuk Seri Chiau Beng Teik also bought 4.51% of CHGP via direct business transaction from Ong Choo Meng and Hextar Holdings Sdn Bhd.
Beng Teik, his son Chiau Haw Choon and wife Datin Seri Wong Mee Leng are the controlling shareholders of Divine Inventions
With the completion of the acquisitions, the joint offerors’ stake in CHGP increased to 37.59% from 31.39%.
CHGP’s share price closed unchanged at 30 sen yesterday, while its warrants CHGP-WA was untraded.
The offer of 30 sen per share is equivalent to its five-day volume weighted average market price (VWAMP), while the offer of 10 sen per warrant represents a 9.09% discount to its five-day VWAMP of 11 sen.
Worth noting is that shareholders Goh Boon Koon, BKNT Resources Sdn Bhd, Teoh Hai Hin, Teoh Huan Shim and Mohd Salleh Hashim have rejected the offer in respect of their collective shareholding of 24.49% and 24.87% of CHGP’s issued shares and warrants respectively.
CHGP said its board will hold a board meeting to deliberate the offer and make an announcement in due course.
The offerors intend the maintain the listing status of CHGP on the Main Market of Bursa Malaysia.
The offer will remain open for acceptances until 5pm on the 21st day after the posting date.
