Jotech gets shareholders nod to merge

KUALA LUMPUR: Jotech Holdings Bhd has received the nod
from its shareholders and warrant holders for the proposed merger with AIC Corp Bhd and AutoV Corp Bhd.

In a statement today, the manufacturer of precision stamped parts and components, said the approval was received during the company's extraordinary general meeting (EGM) and the court-convened meeting held respectively today.

It said the three companies would be collectively acquired by Temasek Formation Bhd (TFB), a special-purpose company owned by Datuk Goh Tian Chuan,
who is also the group executive chairman of Jotech and AIC.

The Securities Commission has approved the proposed merger in January 2012, for a total consideration of RM711 million, to be satisfied via the issuance of new TFB shares, it said.

Goh said the proposed merger would place Jotech in a stronger position in terms of both financial and market size, thus enabling the company to fully engineer its business plan strategies.

Meanwhile, the EGM for AIC will be held on March 21, 2012 and AutoV on March 22, 2012.

The joint advisers for the merger exercise are Maybank Investment Bank Bhd and Astramina Sdn Bhd. - Bernama