KUALA LUMPUR (July 24): AYS Ventures Bhd (KL:AYS) said the voluntary takeover offer by its associate company 3HA Capital Pte Ltd for all shares in Singapore-listed CosmoSteel Holdings Ltd has become unconditional, after 3HA Capital’s shareholding crossed the 50% threshold.

As of Wednesday (July 23), 3HA Capital had received valid acceptances for nearly 229 million shares, equivalent to 87.88% of CosmoSteel’s issued share capital.

The takeover bid was initially launched on May 15 at S$0.20 per share. On June 23, 3HA Capital sweetened its original offer by raising the offer price by 25% to S$0.25 per share. Shareholders who accepted the earlier offer will automatically receive the revised price.

In a filing with Bursa Malaysia on Thursday, AYS said the offer’s closing date has been extended to 5.30pm on July 28, from the original deadline of July 14. If valid acceptances reach 90% or more, 3HA Capital reserves the right to compulsorily acquire all remaining shares.

AYS’ wholly owned subsidiary, Ann Yak Siong (Singapore) Pte Ltd (AYS Singapore), holds a 14.9% stake in 3HA Capital. Other shareholders include HHH Group Pte Ltd (40.2%), Hanwa Singapore (Pte) Ltd (30%), and Thor Capital Pte Ltd (14.9%). AYS Singapore invested S$298,000 (approximately RM1 million) in 3HA Capital.

3HA Capital said it does not intend to revise the final offer price.

In an earlier announcement, AYS stated that its participation in the deal aligns with the group’s strategy to become a leading and sustainable regional steel distributor. The acquisition is expected to expand its market reach, create operational synergies, and enhance service delivery in the engineering, energy, and construction sectors.

At noon market break on Thursday, AYS shares were untraded. The stock last closed at 25.5 sen on Wednesday, giving it a market capitalisation of RM106.7 million. The stock has fallen 15% so far this year.