KUALA LUMPUR (Nov 18): A major shareholder of Lagenda Properties Bhd (KL:LAGENDA) and Epicon Bhd (KL:EPICON) has triggered a takeover offer for Mercury Industries Bhd (KL:MERCURY) after having purchased over half of the contractor’s equity interest.

According to a bourse filing, Datuk Doh Tee Leong — via his investment vehicle Bright Meadow Sdn Bhd — acquired an aggregate 59.88% stake (38.5 million shares) in Mercury Industries from various vendors for RM34.65 million or 90 sen per share on Monday.

The purchase triggers an unconditional mandatory takeover offer for Doh to acquire the remaining 40.12% stake (25.8 million shares) in Mercury Industries at 90 sen apiece or a cumulative RM23.22 million.

Nonetheless, Doh intends to maintain Mercury Industries’ listing status on the Main Market of Bursa Malaysia, according to the filing.

The 90 sen-price tag is a 12.62% discount to Monday’s closing price of RM1.03.

Post-offer, Doh will cooperate with Mercury Securities to comply with the bourse’s 25% public share spread requirement.

Doh controls a 58.36% stake in Lagenda Properties via Lagenda Land Sdn Bhd. Meanwhile, he also has a 12.98% stake in Epicon and sits on the construction and public transportation outfit’s board as an executive director.

Among the vendors to sell their Mercury Industries shares to Doh, substantial shareholder Tan You Tiong offloaded his entire 9.33% stake to the offeror. Tan is a major shareholder of EcoFirst Consolidated Bhd (KL:ECOFIRS) with a 24.6% stake.

Mercury Industries' other substantial shareholder is managing director Datuk Tiong Kwing Hee with a 14.93% stake.

Shares in Mercury Industries closed unchanged at RM1.03, valuing the company at RM66.23 million.