PETALING JAYA: LTKM Bhd has received a notice of conditional voluntary takeover offer from its managing director Datuk Tan Kok and a few others to acquire a 31.74% stake that they don’t own in the company for RM1.35 per share.
The joint offerors do not intend to maintain the listing status of LTKM on the Main Market of Bursa Malaysia.
Trading in LTKM shares was suspended from 2.30pm last Friday pending the material announcement.
The offer price represents an 18.4% premium to its last traded price of RM1.14. It is also a 30.74% premium over the one-month volume weighted average market price of RM1.03.
In a filing with Bursa Malaysia, LTKM said it received the offer from Ladang Ternakan Kelang Sdn Bhd (LTKSB), Tan Kok, LTKM director Datin Lim Hooi Tin, YBJ Capital Sdn Bhd, Tan Yee Boon, Tan Chee Huey and Tan Yee Siong (joint offerors) today.
The joint offerors intend to acquire all the remaining 41.29 million shares in LTKM not already held by them for RM1.35 per share.
The joint offerors collectively hold 68.26% stake in LTKM. Tan Kok holds 75% stake in LTKSB while Lim holds 25% stake in LTKSB.
Meanwhile, Yee Boon and Chee Huey hold 60% and 40% stakes respectively in YBJ Capital. Yee Boon is a director of LTK Omega Plus Sdn Bhd, a wholly owned subsidiary of LTKM while Chee Huey is an executive director of LTKM.
Yee Siong is key account manager of LTK (Melaka) Sdn Bhd, a wholly owned subsidiary of LTKM.
In a separate filing with the stock exchange, LTKM said it has appointed Mercury Securities Sdn Bhd as the independent adviser to provide comments, opinions, information and recommendation on the offer to the non-interested directors and the holders of the shares. The appointment is subject to clearance of eligibility by Securities Commission Malaysia.
“Tan Kok, Datin Lim Hooi Tin and Tan Chee Huey who are deemed interested in the offer have abstained and will continue to abstain from all deliberations and decisions of the Board in relation to the offer.”
