PETALING JAYA: Mintye Bhd’s controlling shareholder Yatee & Sons Sdn Bhd has increased the offer price for its selective capital reduction (SCR) and repayment exercise to RM1.36 from RM1.30.
“Save for the revised SCR offer price, all other material terms and conditions to the proposed SCR remain the same,” it said in a filing with the stock exchange.
Mintye said the board (save for interested directors) has resolved to table the proposed SCR to the entitled shareholders for their consideration and approval.
The revised offer price of RM1.36 represents a 41.67% premium against its five-day volume-weighted average market price of 96 sen as at August 16.
At the midday break, Mintye’s share price was down 1 sen to RM1.23 on 85,900 shares done.
Yatee & Sons holds a 59.17% stake in Mintye, which has been in the friction material business for more than 40 years.
The proposed SCR is expected to be funded by the company’s internally generated funds and/or financing facilities to be obtained from financial institutions.
Yatee & Sons had said the listing status of Mintye brings minimal benefit to the company and its shareholders.
“The company has not undertaken any fund raising activities from the capital market over the past 15 years. Furthermore, the company is incurring costs the maintain its listing status and to comply with the relevant regulatory requirements as a public listed company.”