KUALA LUMPUR (May 3): Emden Investment Ltd has disposed all its direct shares in Petaling Tin Bhd, following its president Tan Sri Dr Chen Lip Keong’s takeover bid announcement on April 28.

In a filing with Bursa Malaysia today, Petaling Tin said the British Virgin Islands-registered Emden ceased being its substantial shareholder, after it disposed 107.15 million shares last Thursday (April 28).

Emden, which held 30.98% direct stake as at May 5, 2015, has been the group’s substantial shareholder since March 3, 2001.

In a separate filing, Petaling Tin said its board confirmed it does not intend to seek an alternative person to make a takeover offer for the offer shares.

“The board (save for its chief executive office  Chen Yiy Fon) also wishes to announce that Inter-Pacific Securities Sdn Bhd has been appointed to act as the independent adviser to advise the non-interested directors and holders of the offer shares, and provides its comments, opinions, information and recommendation on the offer pursuant to Section 15(1) of the Code,” it said.

To recap, Petaling Tin announced on April 28 that it received an unconditional mandatory takeover offer from Chen for all the shares not owned by him and persons acting in concert (PAC).

Petaling Tin said Chen acquired 133.24 million shares or 38.53% in the company. Prior to the acquisition, Chen and PAC held a collective 26.54%.

As such, their combined stake increased to 65.07% after Chen acquired the additional shares in the company, Petaling Tin said.

Under Malaysian corporate takeover rules, the threshold for a takeover exercise is 33% of a company's issued share capital.

At closing today, the stock rose one sen or 4.08% to 25.5 sen, for a market capitalisation of RM86.46 million.