KUALA LUMPUR (Sept 12): Jasa Kita Bhd (KL:JASKITA) has announced new board appointments after a major shareholder took control of the power tool and industrial equipment maker.
Datuk Dr Yasmin Mahmood and her brother Datuk Seri Iskandar Mizal Mahmood have joined the company’s board as executive directors effective immediately, according to exchange filings on Friday.
Yasmin and her husband Abd Azis Mohamad control Jasa Kita through Kintan Prima Sdn Bhd. Iskandar is substantial shareholder with 5% direct stake in Jasa Kita. Together, the trio owns 50.19% of Jasa Kita.
Kintan Prima acquired an additional 40.33% stake from former major shareholders Robert Tan Hua Choon and his son Tan Han Chuan for RM68.9 million on Thursday (Sept 11).
The deal’s completion triggered an unconditional takeover offer for the remaining shares in Jasa Kita that they don’t own at 38 sen apiece. Abd Azis is the offer’s ultimate offeror in the takeover.
Yasmin has served on the boards of various publicly listed companies, including Bintulu Port Holdings Bhd (KL:BIPORT), Pos Malaysia Bhd (KL:POS) and UMW Holdings Bhd. She currently also sits on the boards of MBSB Bhd (KL:MBSB) and Citaglobal Bhd (KL:CITAGLB).
Iskandar, meanwhile, currently serves as a director at Boustead Holdings Bhd. Previously, he had sat on the boards of delisted Malaysia Airports Holdings Bhd, Media Prima Bhd (KL:MEDIA), and Theta Edge Bhd (KL:THETA).
At noon break on Friday, Jasa Kita was up half a sen or 1.33% to 38 sen, matching the offer price. At that price, the company was valued at RM170.83 million.