MGO triggered for Oriental Interest

Business & Markets 2013
Written by Wei Lynn Tang of theedgemalaysia.com
Friday, 01 November 2013 10:18
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KUALA LUMPUR: Oriental Interest Bhd (OIB) announced yesterday that it had
received a notice of unconditional takeover offer from Jupiter Sunrise Sdn Bhd
(JSSB), following the latter’s acquisition of a 51.63% stake in the property
developer.
In the notice filed with Bursa Malaysia yesterday, OIB said JSSB had entered
into a conditional share purchase agreement with certain shareholders of OIB
to acquire 46.75 million shares for RM116.87 million in cash or RM2.50 per OIB
share.
This represents 51.63% of the issued and paid-up capital of OIB of 90.55
million shares, triggering a mandatory takeover offer for the remaining 43.8
million OIB shares or 48.37% not held by JSSB.
OIB also announced yesterday changes in shareholding, including that of
executive chairman Datuk Wira Throbani Hanafi and managing director Goh Aik
Keong who have ceased to be substantial shareholders after disposing of some
13.5 million and 5.0 million shares respectively.
JSSB was incorporated on Sept 26, 2007 as an investment holding company
with an authorised capital of RM100,000.
OIB’s share price jumped 70% last month, rising from RM1.43 on Oct 1 to an
all-time high of RM2.45 on Oct 29.
Trading of its shares was suspended on Wednesday and will resume today.
The announcement noted that JSSB intends to maintain the listing status of
OIB on Bursa Malaysia.
According to OIB’s annual report, the group has 30 properties, with a total carrying value of RM98.3 million and RM28.98 million in
advances to landowners as at June 30.
These include agricultural land for oil palm cultivation in Kulim, Perak and Seremban, Negeri Sembilan; development land approved for
housing in Sungai Petani, Kedah and land for future development in Prai, Penang.
OIB is principally an investment holding company and its subsidiaries are involved in property development, general construction and oil
palm planting.
This