KUALA LUMPUR (July 9): Petaling Tin Bhd's largest shareholder Tan Sri Dr Chen Lip Keong has extended his takeover offer for the remaining shares he does not own in the loss-making property development company by another 2 weeks, to 5pm on July 26.

In a filing with Bursa Malaysia today, Petaling Tin said save for the extended closing date, all other details, terms and conditions of the offer remain unchanged.

The level of acceptance for Petaling Tin's shares stood at 323.76 million or a 93.62% stake as at July 6.

On May 31, gaming tycoon Chen had offered to buy the 34.58 million shares or a 9.998% stake in Petaling Tin that he does not own at 40 sen per share or a total of RM13.83 million.

On July 2, Inter-Pacific Securities Sdn Bhd (InterPac) said the offer by Chen is not fair, but reasonable to minority shareholders. Accordingly, the firm has recommended that minorities accept the offer.

Petaling Tin said its independent directors have concurred with InterPac's assessment of the takeover price, and equally recommend that the minority shareholders accept Chen's offer.

In evaluating the takeover offer, InterPac said it was deemed "not fair" as Chen's 40 sen offer represents a discount of between 61.9% and 62.26% to the range of Petaling Tin's revalued net assets value, which hovers between RM1.05 and RM1.06 per share.

However, InterPac said the takeover offer is reasonable after taking into account Petaling Tin's historical price performance, future listing status, public shareholding spread, and compulsory acquisition and rights.

Petaling Tin shares closed unchanged at 39.5 sen today, with 221,000 shares done, for a market capitalisation of RM136 million.