Hot Stock Hwang Capital jumps 17.19% on takeover offer
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Hot Stock Hwang Capital jumps 17.19% on takeover offer
- Hot Stock
[size=28]Hwang Capital jumps 17.19% on takeover offer
By Surin Murugiah / theedgemarkets.com | May 24, 2016 : 9:59 AM MYTKUALA LUMPUR (May 24): Shares of Hwang Capital (Malaysia) Bhd jumped 17.19% this morning after it received a takeover offer from the group's major shareholders, led by chairman Hwang Lip Teik and Hwang Enterprises Sdn Bhd, to take the group private for RM2.65 per share, which is 19.91% above the stock's last traded price of RM2.21 on May 19.
At 9.40am, Hwang Capital jumped 38 sen to RM2.59 with 547,800 shares done.
The offer price is also 21% above the five-market day volume weighted average price of Hwang Capital's shares up to and including May 19, of RM2.19.
According to the conditional voluntary takeover offer notice from Affin Hwang Investment Bank Bhd (Affin Hwang IB), which was sent on behalf of Hwang Enterprises and Lip Teik, the joint offerors intend to acquire all the remaining ordinary stake in Hwang Capital not already owned by the joint offerors.
As at May 20, the joint offerors held 78.06 million Hwang Capital shares, or 30.59% of the issued and paid-up share capital of the group, 4.07% of which is directly under Lip Teik.
Lip Teik is also the controlling shareholder of Hwang Enterprises with a 61.6% stake. As such, he is the ultimate offeror for the offer, said Affin Hwang IB.
Also acting in concert with the joint offerors are: Lip Teik's siblings Lip Koon, Yee Chern, Yee Cheau and Yee Tuan; Yee Cheau's spouse Teoh Teik Kee; Lip Koon's spouse Tan Gaik Kheng; Ladies Own Sdn Bhd (LOSB); and Pensin Investments Pte Ltd.
LOSB is the company in which Lip Teik, Lip Koon, Yee Chern, Yee Cheau and Yee Tuan are substantial shareholders, while Pensin is controlled by Lip Teik and Yee Cheau.
The joint offerors do not intend to maintain the listing status of Hwang Capital.
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