KUALA LUMPUR (Jan 29): Baskin-Robbins ice cream brand franchisee Scoop Capital Sdn Bhd has secured 78.42% of Apollo Food Holdings Bhd shares at the closing date of its takeover offer on Monday.
In a statement on behalf of the company, AmInvestment Bank Bhd said the company had acquired 27.11% or 21.69 million Apollo shares from other shareholders who had accepted the offer, while 0.37% or 293,200 shares are pending verification.
Scoop Capital made an offer of RM5.80 per share, a premium to Apollo's closing price of RM5.62 on Monday.
Apollo closed 14 sen or 2.43% lower, for a market capitalisation of RM449.6 million.
Scoop Capital emerged as the largest shareholder in the confectionery maker after it acquired the entire 51.31% stake from Keynote Capital Sdn Bhd, the investment vehicle of Singaporeans Liang Chiang Heng and his younger brother Liang Kim Poh at RM5.80 per share on Dec 18.
Following the transaction, Scoop Capital was obliged to extend an unconditional mandatory takeover offer for the remaining 48.49% stake in Apollo it does not already own at RM5.80 per share.
However, Scoop Capital said it decided to maintain the listing status of Apollo on Bursa Malaysia.
Given that the public shareholding spread falls below the minimum 25% threshold, Scoop Capital and Apollo will have to explore proposals within three months from the closing date, or an extended timeframe as allowed by the relevant authorities, to enable Apollo to comply with the requirement.
Scoop Capital is 90% owned by Datuk Cheah See Yeong, while his wife Datin Soon Gock Lan @ Soon Geok Lin holds the remaining 10% shares in the company. The company owns 100% of Golden Scoop Sdn Bhd, which is the master franchisee for Baskin-Robbins in Malaysia and Singapore.