Thursday 30 May 2024
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KUALA LUMPUR (April 1): Computer Forms (Malaysia) Bhd has clarified that it is not aware of plans by its major shareholder Datuk Seri Jacky Pang Chow Huat to print currency notes. 

“The board of directors of Computer Forms wishes to clarify that it has not been informed of any information pertaining to the vision quoted by Pang for the company to print currency notes, as reported in the New Straits Times and Focus Malaysia media today,” the company said in a brief filing with Bursa Malaysia on Friday (April 1). 

Both publications had earlier quoted Pang’s statement after he made an unconditional mandatory takeover offer for Computer Forms.

In the statement, Pang said he sees great potential for Computer Forms' expertise in printing high-value products.  

“Under our leadership, Computer Forms would be printing currency notes for central banks in this region in the future, starting with Malaysia. Our team will bring Computer Forms to new heights.

“Instead of outsourcing the printing of ringgit notes to printers outside Malaysia, Bank Negara can print our Malaysian notes at Computer Forms and save forex outflow to overseas,” he was quoted as saying. 

Pang had acquired 133.19 million shares or a 64.97% stake in Computer Forms at RM79.91 million or 60 sen per share from major shareholder Tan Sri Tan Hua Choon in a direct business transaction, triggering the offer to acquire the remaining shares in the company that he does not already own at also 60 sen apiece.

Tan, who is exiting the company, had bought into the company in 2016, before making a takeover offer in October 2018 at RM1.25 per share. At the time, the offer by the Casio King was at a premium of 34 sen or 37.36% premium to the group's last traded price of 91 sen as at Oct 23, 2018.

Meanwhile, Pang, who is founder and group managing director of Sanichi Technology Bhd, did not hold any shares in Computer Forms prior to the acquisition. He also intends to maintain the listing status of Computer Forms on the Main Market, the filing added.

Across other listed entities, Pang holds 0.91% direct stake in loss-making Sanichi. Apart from that, he holds a 15.31% stake in BSL Corp Bhd and a 7.9% interest in Fitters Diversified Bhd as of March 29, 2022.

Computer Forms is principally engaged in printing and distributing computer forms, stock forms and specialised forms. The company operates through five segments, namely business forms and data print services, commercial printing, flexible packaging, business of property management, and system development and implementation.

Computer Forms’ share price finished for the day one sen or 1.22% lower at 81 sen on Friday, bringing a market capitalisation of RM166.05 million. 

Edited ByLam Jian Wyn
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