KUALA LUMPUR (Oct 9): The mandatory general offer for NuEnergy Holdings Bhd's (KL:NHB) by its shareholder, fertiliser group Agrobulk Holdings Sdn Bhd, has closed with the acceptances pushing its stake in the solar energy firm to 57.99%.
Kenanga Investment Bank Bhd, acting on behalf of Agrobulk — formerly known as ILB Group Bhd, said valid acceptances totalling 51.23 million shares or 27.12% of NuEnergy’s issued capital had been received when the offer closed on Thursday.
Together with Agrobulk’s existing 58.31 million shares or a 30.87% stake in the company, Agrobulk now controls 109.54 million shares in NuEnergy.
Independent adviser Sierac Corporate Advisers Sdn Bhd had previously recommended that shareholders accept the 60 sen per share offer, despite calling the takeover offer “not fair, reasonable”.
Sierac said the 60 sen offer for NuEnergy shares is “not fair” as it is 47% below the estimated fair value of RM1.13. However, it called the offer “reasonable” since it is 20% above the last traded price on Aug 15 and 4% to 5% higher than recent average prices.
The adviser also highlighted that NuEnergy shares have not traded above the offer price in the past 12 months. As such, the proposal provides an opportunity for shareholders to realise their investment at a premium without affecting market prices, given the stock’s limited liquidity.
Agrobulk launched a conditional voluntary takeover offer on Aug 18 to acquire 130.59 million shares, or a 69.13% stake.
Agrobulk is 61.42%-owned by Tang & Co Sdn Bhd, which is majority-owned by Lee May Lin. Other substantial shareholders of Agrobulk include KTC Brothers Holdings Sdn Bhd (11.05%), Loo Joo Aun (7.31%) and Tan Chai Swan (6.04%).
Agrobulk intends to maintain NuEnergy’s listing on the Main Market of Bursa Malaysia.
NuEnergy shares ended unchanged at 65 sen on Thursday, giving the group a market capitalisation of RM127 million.
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