KUALA LUMPUR (June 6): Vista Lestari Development Sdn Bhd's equity stake in fashion apparel firm Voir Holdings Bhd, together with the persons acting in concert with it (PACs), remains at 50.71% after having obtained only 2,532 shares in the group at the close of its unconditional take-over offer for Voir today.

Vista Lestari and its PAC also acquired 1,266 warrants, adding on to the 33.4 million warrants or 55.78% of the total outstanding warrants it already held, according to a statement from Kenanga Investment Bank Bhd issued on behalf of the offeror.

There are 132 million Voir shares and 60 million warrants based on the issued and paid-up share capital as at today.

The offer to buy over all the remaining shares and warrants not already held by Vista Lestari and its PACs at 50 sen per share and nine sen per warrant was first made on Feb 29 to Marvellous Future Sdn Bhd, which held the controlling stake in Voir, for a total of RM36.48 million, cash.

MFSB held 50.71% of Voir's ordinary shares and 55.78% of its warrants.

MFSB accepted the offer and both signed a conditional sale and purchase agreement on March 29. 

Pursuant to that, Vista Lestari and its PACs made a mandatory general offer to buy over the remaining stake it does not hold in the fashion apparel firm at the same price.

Datuk Zarul Ahmad Mohd Zulkifli is the ultimate offeror for the proposed MGO, being the chairman and a major shareholder of Vista Lestari.

Zarul, who is also chairman of Consortium Zenith BUCG Sdn Bhd, the main contractor for the controversial RM6.3 billion undersea tunnel project in Penang became Voir’s executive director on May 31.

The PACs with Vista Lestari are Vista Lestari's director and substantial shareholder Zarul Ikhwan Zarul Ahmad, director and substantial shareholder Mohd Asfirdaus Asri and Datuk Lee Chee Hoe, who is the guarantor for the financing of the proposed acquisition.

Lee is also a director of Zenith Construction Sdn Bhd, Consortium Zenith BUCG and Zenith PMC Sdn Bhd, the subsidiaries of Vista Lestari. 

On May 31, he, together with Zarul, were named executive directors of Voir.

The new owners intend to maintain Voir’s listing in the local exchange. Voir shares were not traded today. They last closed at 73 sen on June 1, valuing it at RM95.7 million.