KUALA LUMPUR (Sept 11): Power tool and industrial equipment maker Jasa Kita Bhd’s (KL:JASKITA) new main shareholders, Abd Azis Mohamad and his company Kintan Prima Sdn Bhd, have made an unconditional takeover offer at 38 sen per share for the remaining shares they don’t own.
This follows oil and gas veteran Abd Azis, his wife Datuk Yasmin Mahmood, and brother-in-law Datuk Iskandar Mizal Mahmood buying a 40.33% stake from former major shareholders Casio King Robert Tan Hua Choon and his son Tan Han Chuan for RM68.9 million. The deal depended on selling four industrial land plots in Gombak to Hua Choon’s Logik Damai Sdn Bhd for RM38 million.
Yasmin used to be CEO of Malaysia Digital Economy Corporation (MDEC), and Iskandar is a director at Boustead Holdings. Together, Abd Azis and his group now own 50.19% of Jasa Kita and plan to keep the company listed on Bursa Malaysia.
In July, Jasa Kita announced a special dividend of 12 sen per share after selling the land. If the dividend is paid after the takeover offer ends, shareholders get the full 38 sen per share. But if it’s paid during the offer, shareholders get 38 sen minus the 12 sen dividend, so 26 sen per share.
Jasa Kita makes and sells power tools, electric motors, hand tools, and industrial equipment.
For the first quarter ended June 30, 2025, Jasa Kita’s net profit fell 98% to RM604,000 because it didn’t have a big RM37.9 million gain from selling land like last year. However, revenue rose 3.7% to RM5.02 million, helped by better sales and trading.
The company’s stock reached a record high of 38.5 sen before settling at 37.5 sen a share at market close, just half a sen shy of the offer price. This values the company at RM168.6 million. The stock has risen over 120.6% this year.