PETALING JAYA: Sarawak Consolidated Industries Bhd (SCIB) has received a conditional mandatory takeover offer from its director Datuk D Mohd Abdul Karim to acquire the remaining 51.37% stake he and the persons acting in concert (PAC) do not own in the company for RM1.10 per share.
This comes after Karim acquired a 20.31% stake in the company, following which he now holds 42.84%. Karim is also founder and and managing director/CEO of Serba Dinamik Holdings Bhd.
The PACs are two shareholders Rosland Othman and Azhan Azmi, who hold a 2.75% and 3.04% stake respectively.
The offer price represents the highest price paid by the offeror (Karim) and the PACS for shares of RM1.10 each, during the six-month period prior to the commencement of offer period and including the acquisition.
The offer price also represents a 2.80% premium to the last transacted price of RM1.07 as at Aug 14, a 2.61% premium to the five-day volume weighted average market prices (VWAP) of RM1.07 and a 42.78% premium to the 12-month VWAP of 77 sen.
Trading in SCIB was suspended from 2.52 pm yesterday due to the material announcement. The stock last traded at RM1.07.
The offeror intends to maintain the listing status of SCIB on the Main Market of Bursa Securities.
The offer will remain open for acceptances for a period of not less than 21 days from the posting date.