KUALA LUMPUR (Dec 13): Chin Hin Group Bhd’s conditional mandatory general offer (MGO) to acquire the remaining shares it does not own in Ajiya Bhd has turned unconditional after its collective shareholding — together with persons acting in concert with it — climbed past 50%.

In a bourse filing, AmInvestment Bank Bhd, on behalf of Chin Hin, said the acceptance condition for the MGO has been met.

The offer, it said, will now remain open for acceptances until Jan 3, 14 days from the day it turned unconditional.

In September, the building material specialist said it would be making the MGO for the remaining shares in Ajiya Bhd at RM1.53 per share after it proposed to acquire a 2.11% stake in the company at RM1.53 per share that would raise its shareholding — together with the persons acting in concert (PACs) with it — to 34.1% from 32%.

The MGO was conditional upon it having received valid acceptances that would result in the group and its PACs holding, in total, more than 50% of the voting shares in Ajiya.

Chin Hin, however, plans to maintain Ajiya's listing status.

The group, which first emerged as the largest shareholder in Ajiya with a 24.68% stake in March 2022, said at the time that the acquisition would help it expand its product range from building materials division into high value-added safety glass products, metal roofing, metal door and window frames.

Shares in Chin Hin finished unchanged at RM3.40, giving it a market capitalization of RM6.02 billion. Ajiya settled unchanged at RM1.53, valuing the company at RM466.01 million.