KUALA LUMPUR (April 19): The mandatory general offer (MGO) for the remaining 34.1% stake in Pan Malaysia Holdings Bhd (PM Holdings), launched by property developer Exsim Group's founders, the Lim brothers, concluded on Friday with acceptances for only 35,997 shares received.

The Lim brothers also received acceptances for another 8,000 shares which are still subject to verification, according to PM Holdings' filing to the stock exchange.

The brothers' stake in PM Holdings thus remains at the 65.9% level.

In March, the brothers, through Exsim Hospitality Holdings Sdn Bhd, acquired a 65.9% stake in PM Holdings from entities linked to prominent businessman Tan Sri Khoo Kay Peng for RM36.73 million, or six sen per share.

As required under the takeover laws, Exsim Hospitality then launched the MGO to purchase the remaining shares at six sen per share, even as it intended to maintain PM Holdings’ listing status.

On April 8, independent adviser DWA Advisory Sdn Bhd recommended that shareholders reject the offer, saying it was "unfair and unreasonable" due to the significant discount represented by price tag compared to the counter’s share price, and the fact that the stock will remain tradable on the open market after the offer closed.

On Friday, shares in PM Holdings closed 1.5 sen or 7.69% higher at 21 sen, resulting in a market capitalization of RM190.19 million. Year to date, the stock has rallied by 121.05%.

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