Japan's NTT DATA to compulsorily acquire remaining GHL shares as its shareholding reaches 97%

Monday 16 Dec 2024

KUALA LUMPUR (July 9): Japanese information technology and consulting company NTT DATA Japan Corp (NTTD Japan), which now owns 97.48% of the shares in GHL Systems Bhd (KL:GHLSYS), will compulsorily acquire the rest of the shares it does not own, paving the way for GHL to be delisted from Bursa Malaysia.

NTTD Japan is going to invoke a provision of the Capital Markets and Services Act 2007 that allows it to do so as it has obtained no less than 90% of the offer shares, CIMB Investment Bank Bhd said on behalf of the Japanese company in a statement on Tuesday.

All offer shares that are compulsorily acquired will be acquired on the same terms as set out in its general offer and the compulsory acquisition notice will be sent to all dissenting shareholders within two months.

Meanwhile, the general offer will remain open for acceptances until July 23, following a two-week extension from its initial closing date of July 9.

The offer was made in May this year after NTTD Japan acquired a 58.73% stake in GHL for RM724.08 million or RM1.08 per share. The stake was acquired from Actis Stark (Mauritius) Ltd, APIS Growth 14 Ltd, Loh Wee Hian and Tobikiri Capital Ltd. The offer price signifies a premium of 34.5% from GHL’s one-year volume weighted average market price at the time.

Based on the total of 1.14 billion shares issued, NTTD Japan has to fork out another RM508.74 million to fully control GHL.

Last month, independent adviser Affin Hwang Investment Bank told GHL’s shareholders to accept NTTD Japan's offer, describing it as fair and reasonable.

GHL has been listed on Bursa since 2003. Its shares closed unchanged at RM1.08 on Tuesday, giving it a market capitalisation of RM1.23 billion. Its share price has risen by 55.07% so far this year.

Edited ByTan Choe Choe

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