GHL Systems to be delisted next week after NTT Data Japan's takeover

Thursday 21 Nov 2024

KUALA LUMPUR (Aug 1): After 21 years on Bursa Malaysia, payment service provider GHL Systems Bhd (KL:GHLSYS) is set to be delisted next week, following a successful takeover by NTT Data Japan Corp (NTTD Japan).

In a filing with the local bourse on Thursday, GHL announced that it had received a letter from Bursa Securities stating that its shares will be removed from the official list effective 9am on Tuesday, Aug 6.

"The company wishes to announce that Bursa Securities has, via a letter dated Aug 1, 2024, informed that pursuant to Paragraph 16.07(a) of the Main Market Listing Requirements, the entire issued share capital of GHL will be removed from the Official List of Bursa Securities with effect from 9am on Tuesday, Aug 6, 2024," the company added.

To recap, NTTD Japan made the takeover offer in May, after acquiring a 58.73% stake in GHL for RM724.08 million or RM1.08 per share. This stake was acquired from Actis Stark (Mauritius) Ltd, APIS Growth 14 Ltd, Loh Wee Hian, and Tobikiri Capital Ltd.

With a total of 1.14 billion shares issued, NTTD Japan will need to invest an additional RM508.74 million to fully control GHL.

Independent adviser Affin Hwang Investment Bank has recommended that GHL shareholders accept NTTD Japan's offer, describing it as fair and reasonable.

Trading of GHL shares has been suspended since Wednesday, after NTTD Japan secured 98.8% of GHL shares at the close of the takeover offer.

GHL was first listed on the Mesdaq (now known as the ACE Market) in 2003, before transferring to the Main Market in 2007. The counter was last traded at RM1.08, giving it a market capitalisation of RM1.23 billion.

Edited ByTan Choe Choe

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