KUALA LUMPUR (Nov 30): Construction outfit Pesona Metro Holdings Bhd has received a takeover offer from major shareholder Wie Hock Kiong to acquire 278.03 million shares or a 40.01% stake in the group at a price of 19 sen per share or RM52.83 million cash in the event of full acceptance of the offer.
The mandatory takeover offer comes after the 62-year-old acquired an 80% stake in Kombinasi Emas Sdn Bhd from his younger brother Wie Hock Beng, who is also the managing director of Pesona Metro, for RM18.09 million.
Kombinasi Emas, which will be wholly-owned by Hock Kiong, owned a 41.54% stake in Pesona Metro as at Nov 17.
Hock Kiong and persons acting in concert (PACs), including Hock Beng, collectively own a 59.99% stake in Pesona Metro.
The takeover offer is not extended to the PACs, and Hock Kiong, who is a non-executive director of Pesona Metro, intends to maintain the company’s listing status.
The takeover price of 19 sen per share represents premiums of 1.39% to the five-day and 1.66% to the one-month volume-weighted average market prices (VWAMPs) of Pesona Metro shares up to Nov 17 in the open market.
The price is at a 0.42% discount to the three-month and a 14.61% discount to the one-year VWAMPs up to Nov 17.
Pesona Metro will appoint an independent adviser to provide comments, opinions and recommendations on the offer to non-interested directors and shareholders.
Shares in Pesona Metro, which have fallen 21% year-to-date, were trading unchanged at 19 sen per share before the noon market break on Wednesday (Nov 30), valuing the group at RM132.05 million.