KUALA LUMPUR (Oct 23): Fashion group Carlo Rino Group Bhd (CRG), which is in the process of transferring its listing from the Leading Entrepreneur Accelerator Platform (LEAP) Market to the ACE Market on Bursa Malaysia, has adjusted its exit offer price from 23 sen to 22.5 sen.

In a filing with Bursa Malaysia on Monday, CRG (formerly known as CRG Incorporated Bhd) said the exit offer price was adjusted after taking into consideration the interim single-tier dividend of half a sen per CRG share in respect of the financial year ending June 30, 2024, with the entitlement date on Sept 1, 2023, and paid by the company on Sept 15, 2023. 

The exit offer price refers to the price of CRG shares that has been set for the joint offerors intending to undertake a pre-conditional voluntary general offer to acquire the remaining 383.58 million offer shares not held by them, representing 47.61% of the group’s total issued share capital as at Aug 11 (the latest practicable date). 

The joint offerors are Datuk Seri Chiang Fong Yee, Chiang Sang Sem and Freeway Team Sdn Bhd (FTSB). Fong Yee is the major shareholder of the group, holding 31.9% direct equity interest.

Fong Yee’s father, Sang Sem, who is also a group’s substantial shareholder, holds a 6.71% direct stake in the company. It is worth noting that Sang Sem is a director and the group executive chairman of Bonia Corp Bhd.

Meanwhile, FTSB holds 13.78% direct equity interest in CRG. The former is 100%-owned by Sang Sem.  

The group is principally involved in the business of designing, promoting, marketing, distributing and retailing of women’s handbags, footwear and accessories under the “Carlo Rino” and “C.Rino” (for eyewear only) brands.

As part of the transfer to the ACE Market, CRG also proposed to undertake an initial public offering (IPO), which will entail new shares to be issued to the public and an offer of sale by Fong Yee to selected non-Bumiputera investors, representing up to 26.58% of the enlarged share capital. The final IPO price has yet to be determined. 

CRG shares on Monday rose half a sen to close at 23 sen per share, with a market capitalisation of RM181.27 million. 

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