KUALA LUMPUR (April 28): Tan Sri Dr Chen Lip Keong, long term president of Karambunai Corp Bhd (KCB), has offered to buy all the remaining ordinary shares of KCB at 5 sen per offer share and all the remaining outstanding warrants of KCB at 2 sen per offer warrant.

The offer, which also applies to any new KCB shares that may be issued prior to the closing date of the offer, is not conditional upon any minimum level of acceptances of the offer shares, as Chen holds more than 50% of voting shares in KCB.

Chen, who has been the president and non-independent executive director of Karambunai since 1991, currently holds 68.46% of voting shares in KCB.

However, the offer is subject to consents being obtained from the Securities Commission for the issuance of the offer document and any other relevant parties, if required.

In a filing to Bursa today, KCB said Chen does not intend to maintain KCB's listing status.

He also does not intend to take any steps to address the shortfall in KCB's public shareholding spread, should there be any shortfall in the spread, arising from the offer.

As of closing today, KCB was up 10% at 5.5 sen, with 156,000 shares having exchanged hands, while its warrant remained unchanged at 1.5 sen.