KUALA LUMPUR (Feb 3): Southern Score Builders Bhd (KL:SSB8), whose bid to take over Nova Pharma Solutions (NPS) has already crossed the 90% regulatory threshold, said its stake in the LEAP Market-listed company increased further to 97.72% on Tuesday.

Kenanga Investment Bank Bhd, acting on behalf of Southern Score, said that as of 5pm Tuesday, Southern Score held 145.62 million NPS shares, representing 97.72% of the company’s issued capital.

This comprised its initial 73.45% stake and a further 24.28% acquired through valid acceptances. An additional 2.63 million shares, or 1.76%, have been transferred to the offeror but are pending verification of acceptance documents, according to Kenanga IB's statement.

With the regulatory threshold crossed, Southern Score will invoke Section 222(1) of the Capital Markets and Services Act 2007 to compulsorily acquire all outstanding offer shares from dissenting shareholders, the statement said.

Kenanga IB added that a compulsory acquisition notice will be issued within two months.

NPS was listed on the LEAP Market in 2018 at an initial public offering price of 20 sen per share.

On Tuesday, Southern Score’s shares closed unchanged at 57 sen, giving the group a market capitalisation of RM1.295 billion.