KUALA LUMPUR (Jan 23): DKSH Holdings (Malaysia) Bhd (KL:DKSH) has until Jan 30 to respond to its major shareholder’s bid to take the company private, as a key minority shareholder opposes the offer.
In a Bursa Malaysia filing, the company said it had asked for and received more time to decide whether to table the proposed selective capital reduction to minority shareholders.
Under the proposal dated Dec 9, Swiss parent DKSH Holding Ltd, which owns 74.31% of the company, is offering RM6.15 per share in cash. The offer is a 16.7% premium to the pre-announcement share price but remains below DKSH Malaysia’s book value of RM6.74.
The Edge reported in its Dec 15-21, 2026 edition that minority shareholder Pangolin Investment Management, which holds 2.71% of DKSH Malaysia, more than 10% of minority shares, said it will vote against the deal, calling the offer too low. Its founder, James Hay, said the proposal lacks merit.
The privatisation requires approval from a majority of minority shareholders and at least 75% of the voting value, with no more than 10% voting against it. Pangolin’s opposition could make it difficult for the deal to proceed, especially as other value investors may follow its lead, calling into question the need to even table the offer to minority shareholders.
Pangolin Asia Fund has been a shareholder of DKSH Malaysia since September 2023.
DKSH Malaysia’s share price has jumped more than 21% from RM4.88 on Nov 28, 2025. It closed unchanged at RM5.92 on Friday, valuing the company at RM933.3 million.