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Update MGO for Euro Holdings at 44 sen per share

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Update MGO for Euro Holdings at 44 sen per share Empty Update MGO for Euro Holdings at 44 sen per share

Post by Cals Tue 02 Sep 2014, 20:42

Update MGO for Euro Holdings at 44 sen per share
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Tuesday, 02 September 2014 19:05

KUALA LUMPUR (Sept 02): Euro Holdings Bhd (EHB) received a notice of conditional mandatory general offer (MGO) at 44 sen per share, after some changes in shareholding in the office furniture maker.

In an announcement to Bursa Malaysia, EHB announced that three parties — namely its executive director Datuk Seri Choong Yuen Kheong, major shareholder Datuk Tong Yun Mong and Tee Wee Sien — have launched an MGO, after they have raised their stake to 47.7% or 38.6 million shares, collectively.

The offer price of 44 sen per share is at a discount of 10.5 sen or 19% over today’s closing of 54.5 sen.

The joint offerors today entered into three separate share purchase agreements, to acquire shares in EHB.

Under the three share purchase agreements, Tee bought a 12.35% stake or 10 million shares, from EHB’s chairman Datuk Sri Mohd Haniff. Meanwhile, Choong acquired 1.69 million or 2.09% stake and Tong bought 1.5 million or 1.85%.

EHB noted that the new controling shareholders intend to maintain the listing status of the company.

“The board will hold an emergency meeting to deliberate the offer and make further announcement in due course,” said Euro Holdings.

Euro share price has staged a rebound in the past two months, rising from 44 sen in July to a high of 65 sen in mid-August. It closed at 54.5sen today.
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