PETALING JAYA: Kumpulan Powernet Bhd (KPB) has received a conditional mandatory takeover offer from its major shareholder Datuk Mohd Abdul Karim Abdullah and persons acting in concert (PACs) to acquire the remaining 53.19% stake they do not own in the textile manufacturer for RM1 per share.
This comes after Abdul Karim’s shareholding in the company increased to 36.13% from 20.04%, triggering the 33% mandatory general offer threshold, following the purchase of 16.09% stake for RM12.25 million.
Meanwhile, the resultant equity interest of Abdul Karim and the PACs, namely Grand Deal Vision Sdn Bhd, Mustakim Mat Nun, Sarah Azreen Abdul Samat, Rosland Othman and Azhan Azmi increased from 30.72% to 46.81%.
The takeover offer values KPB at RM76.15 million. The offer price represents a 12.36% premium against its five-day volume-weighted average price of 89 sen per share.
KPB shares were suspended from 2.30pm pending the material announcement and will resume trading at 3.30pm. The stock was last traded at 93 sen.
The offerors intend to maintain the listing status of KPB.
KPB said the board will hold a meeting to deliberate the offer and make an announcement in due course.
The offer will remain open for acceptances until 5pm for a period of not less than 21 days from the posting date.
Abdul Karim, who is also Serba Dinamik Holdings Bhd founder, first emerged as KPB’s substantial shareholder in June.
Interestingly, he also extended a take over offer for Sarawak Consolidated Industries Bhd last month for RM1.10 per share after his stake in the company rose to 42.84%.