KUALA LUMPUR (Sept 15): The takeover offer for Hextar Retail Bhd (KL:HEXRTL) by its major shareholders has turned unconditional after the offerors secured more than 50% of the company’s voting shares.
RHB Investment Bank Bhd, on behalf of offeror Hextar Portfolio Sdn Bhd, said in a statement that valid acceptances received as at Tuesday resulted in the offeror, ultimate offeror Datuk Ong Choo Meng and persons acting in concert with them collectively holding more than 50% of Hextar Retail’s voting shares, fulfilling the acceptance condition.
As at 5pm on Tuesday, the parties collectively held 237.27 million shares, representing a 51.03% stake in Hextar Retail, comprising their existing holdings, valid acceptances and shares acquired or agreed to be acquired outside the offer.
Of this, 69.57 million shares, or 14.96%, came from valid acceptances of the offer, while another 22.41 million shares, or 4.82%, were acquired or agreed to be acquired outside the offer.
A further 33.03 million shares, equivalent to a 7.1% stake, had been tendered under the offer but remained subject to verification.
The offer will remain open for acceptances until Sept 29.
The takeover offer was first announced on Aug 10, when Hextar Retail received a conditional voluntary offer from its major shareholders at 43 sen cash per share.
The offer price valued the company at about 1.05 times its consolidated net assets per share of about 41 sen as at March 31.
The offer was made by Hextar Portfolio, Choo Meng’s wholly owned investment vehicle, together with Ong Kook Liong as a person acting in concert.
Prior to the offer, Hextar Portfolio held 142.29 million shares, representing a 30.6% stake in Hextar Retail, while Kook Liong owned three million shares, or 0.6%.
The offerors intend to maintain Hextar Retail’s listing status on the Main Market of Bursa Malaysia following the takeover.
Formerly known as Classic Scenic Bhd, Hextar Retail is principally involved in the manufacturing of wooden picture frame mouldings, and has also ventured into the food and beverage and apparel industries.
Shares in Hextar Retail closed unchanged at 42 sen on Tuesday, with a market capitalisation of RM210.46 million. The stock is down 10.6% year to date.