KUALA LUMPUR (Oct 8): Batu Kawan Bhd’s (KL:BKAWAN) unconditional mandatory takeover offer for MKH Bhd (KL:MKH) closed on Thursday with the group's stake in the property developer rising to 96.73%.
Batu Kawan and its wholly owned unit Whitmore Holdings Sdn Bhd, together with parties acting in concert, hold the stake comprising 557.93 million shares, as at market close on the extended closing date, according to a statement issued on their behalf by Maybank Investment Bank Bhd.
As announced earlier, the offerors do not intend to maintain the listing status of MKH.
"In view of this, Bursa Securities will suspend the trading of the MKH shares upon the expiry of five market days from the extended closing date, which will be effected from 9am on Friday, Oct 16," said Maybank Investment Bank.
The offerors will then procure MKH to take the requisite steps to withdraw its listing status, it added.
The takeover was initiated in May, when Batu Kawan, through Whitmore, agreed to acquire a combined 47.7% stake in MKH from members of the Chen family for RM549.8 million, or RM2 per share.
The RM2 offer valued the total cost of taking MKH private at up to RM1.15 billion, including the initial stake purchase.
On Sept 14, Batu Kawan extended the deadline for MKH shareholders to accept the offer by three weeks from Sept 17 to Oct 8.
Batu Kawan's share price closed six sen or 0.06% lower at RM19.54 on Thursday, giving the group a market capitalisation of RM7.69 billion.
MKH finished one sen or 0.51% lower at RM1.96, valuing the company at RM1.15 billion.