KUALA LUMPUR (July 4): NTT DATA Japan Corp (NTTD Japan) is now in control of GHL Systems Bhd (KL:GHLSYS) after accumulating 92.71% of the payment solutions provider's total issued shares as at July 4, paving the way for GHL to be delisted from Bursa Malaysia.
The offer will remain open for acceptances until 5pm on July 9.
In a statement on Thursday, CIMB Investment Bank, which is acting on NTTD Japan's behalf in its privatisation bid, said the offeror does not intend to maintain the listing status of GHL on the Main Market of Bursa Malaysia.
In view of this, it would request Bursa Securities to proceed with suspension of the trading of GHL shares upon the expiry of five market days from the closing date. Thereafter, NTTD Japan will procure GHL to take the requisite steps to withdraw its listing status.
By 5pm on Thursday, NTTD Japan had received valid acceptances of 33.98%. The Japanese information technology company owned another 58.73%. This adds up to 92.71%, a level where NTTD Japan can compulsorily acquire minorities' shares.
On May 27, GHL received a notice that NTTD Japan had acquired a 58.73% stake in the company for RM724.08 million or RM1.08 per share from four parties namely Actis Stark (Mauritius) Ltd, APIS Growth 14 Ltd, Loh Wee Hian, and Tobikiri Capital Ltd. This triggered NTTD Japan to make a general offer to acquire all the remaining shares it does not already own. The offer price signifies a premium of 34.5% when compared to GHL’s one-year volume weighted average market price.
GHL has been listed on Bursa since 2003. Its shares closed unchanged at RM1.07 on Thursday, giving it a market capitalisation of RM1.22 billion. Its share price has risen by 55.07% so far this year.