KUALA LUMPUR: MBf Holdings Bhd CEO Tan Sri Dr Ninian Mogan Lourdenadin’s acquisition of more than 90% interest in the company will result in its delisting from the stock exchange soon.

Lourdenadin’s takeover bid was launched through his private vehicles Tor Pte Ltd, Nadin Holdings Sdn Bhd, Impact Action Sdn Bhd and Market Share Investments Ltd.  

In a statement, MBf Holdings said its joint offerors, who hold more than 90% equity interest, have no intention of maintaining the listing status of the company.

On Feb 7, it was reported that Lourdenadin had made a takeover offer for the remaining shares in MBf Holdings at RM1.50 each while offering to acquire the remaining warrants at 50 sen a piece. At that time, he held an 87% stake in the company.   

The statement said Lourdenadin had secured another 12 million shares, representing 2.08%, to bring his total share interest in the company to 91.24%.

Lourdenadin had also offered to purchase the outstanding redeemable convertible secured loan stocks issued by MBf Holdings’ wholly owned subsidiary Wellink Investments Ltd at RM4.64 each. This is the second time Lourdenadin has embarked on a takeover bid of the company.

For the 2012 financial year ended December, MBf Holdings’ net profit came in at RM385.24 million, up from RM58.42 million a year ago, mainly due to disposal of the credit card business. Revenue rose 12.26% to RM2.73 billion from RM2.43 billion previously.  

Last December, MBf Holdings completed the disposal of its entire stake in MBF Cards (M) Sdn Bhd to AMMB Holdings Bhd for a total of RM641.4 million.

This article first appeared in The Edge Financial Daily, on February 28, 2013.