KUALA LUMPUR (July 23): GHL Systems Bhd (KL:GHLSYS) said trading in its shares is set to be suspended next week after NTT Data Japan Corp secured 98.8% of GHL's shares at the close of the Japanese group's takeover offer for the payments services provider.

“The offeror does not intend to maintain the listing status of GHL on the Main Market of Bursa Securities. In view of this, Bursa Securities will suspend the trading of the shares upon the expiry of five market days from the extended closing date,” GHL said in bourse filing on Tuesday.

“The offeror will procure GHL to take the requisite steps to withdraw its listing status from the official list in accordance with Paragraph 16.07 of the Listing Requirements,” it added.

Previously, the offer’s closing date was extended by two weeks from July 9 to July 23.

The takeover offer was made in May 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.

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. On Tuesday, its shares closed down one sen or 0.9% at RM1.06, giving the company a market capitalisation of RM1.21 billion. The counter has risen by 53% so far this year.

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