KUALA LUMPUR (June 5): The mandatory general offer (MGO) by Pineapple Resources Bhd’s (KL:PINEAPP) largest shareholder, Gan Kok Xan, has closed, with acceptances of 7.56% increasing his and parties acting in concert’s stake to 71.42%.
The 84-sen offer increased the combined stake of Gan and Yeoh Guan Fook, to 71.42% from 63.86% when the offer was made on May 15, according to a Bursa Malaysia filing on Friday.
Of the initial 63.86% stake, Gan owned 35.86% while Yeoh held 28%. Gan made the obligatory offer with the intent to maintain Pineapple Resources’ listing status on the ACE Market.
Gan and Yeoh acquired their substantial stakes in Pineapple Resources from Chuan Huat Resources Bhd (KL:CHUAN) in April this year.
They acquired their respective stakes from Chuan Huat’s unit, Chuan Huat Holdings Sdn Bhd, for 84 sen apiece.
The deal, which raised their collective stakes in the company from nil to 63.86%, required Gan to undertake an MGO for the remaining shares he and Yeoh did not already own at the same price tag.
Chuan Huat exited loss-making Pineapple Resource, which is involved in the retailing of computers and related accessories, restaurant operations, distribution of food and beverage ingredients, and restaurant franchising, to focus on its core businesses of steel and building materials trading, steel processing and manufacturing, as well as property investment businesses.
Gan is deemed a substantial shareholder of Mega Fortris Bhd (KL:MEGAFB) via his 35.86% stake in ProWealth Management Holdings Ltd. ProWealth became a major shareholder in Mega Fortris after acquiring a 25.99% stake in Mega Fortris Global Pte Ltd, which owns 65% of the company.
Yeoh is a director of Foong Yen Capital Sdn Bhd, a company involved in money lending, trading basic goods, and investing in securities.
Shares of Pineapple ended half a sen or 0.59% lower at 84 sen, valuing the company at RM40.74 million.