KUALA LUMPUR (Sept 11): The takeover offer for FACB Industries Incorporated Bhd (KL:FACBIND) at RM1.60 per share has been extended again to 5pm on Oct 10, from Sept 15.
The latest deadline is final, and there will be no further extension of the closing date of the offer first made by chairman and executive director Chen Yiy Fon on July 21, the company said in its filing.
The offer turned unconditional on Aug 28 after the cumulative stake held by Chen and parties acting in concert in the company crossed the 50% mark. As at Thursday, they held 56.63% in FACB.
Chen’s offer for the manufacturer of Dreamland brand bedding-related products, famous in Malaysia and China, came at a time of declining earnings following a jump from post-pandemic demand.
The takeover values FACB at RM136.3 million. In the financial year ended June 30, 2025 (FY2025), FACB made a net profit of RM3.78 million, down 44% year-on-year from RM6.8 million, as revenue fell 26.7% to RM33.52 million, from RM35.74 million.
The low acceptance level comes as independent adviser Main Street Advisers Sdn Bhd said the offer was not fair and not reasonable, citing FACB’s estimated value of RM2.71 per share, compared with the RM1.60 offer. Its cash and cash equivalents alone amounted to RM2.19 per share, it said in a circular.