KUALA LUMPUR (Sept 25): The takeover offer by NuEnergy Holdings Bhd's (KL:NHB) largest shareholder for the remaining shares in the company has turned unconditional, after its stake climbed above 50%.
Agrobulk Holdings Sdn Bhd’s stake in NuEnergy climbed to 51.08% or 96.49 million shares as at 5pm on Thursday, according to a statement issued on behalf of Agrobulk by Kenanga. Another 4.59% stake in valid acceptances received is pending verification.
With the 60 sen apiece takeover offer turning unconditional, the offer has been extended to remain open until Oct 9, from Sept 29 previously. Agrobulk intends to maintain NuEnergy’s listing on the Main Market of Bursa Malaysia.
Agrobulk is 61.42%-owned by Tang & Co Sdn Bhd, which is in turn majority-owned by Lee May Lin.
Other substantial shareholders of Agrobulk are KTC Brothers Holdings Sdn Bhd, with an 11.05% stake, Loo Joo Aun, with 7.31%, and Tan Chai Swan, with 6.04%.
Agrobulk emerged as a substantial shareholder in NuEnergy in November 2023.
Shares in NuEnergy ended unchanged at 56.6 sen on Thursday, valuing the company at RM110.2 million.