Low, Mulberry to acquire Adventa for RM321m (7191)

Adventa Bhd's managing director Low Chin Guan and Mulberry Asia Fund II
made an offer to acquire Adventa's business and undertakings for
RM320.85 million. The price is equivalent to RM2.10 per Adventa share.



In a filing to Bursa Malaysia today, Adventa said Low and Mulberry made the offer through Aspion Sdn Bhd.



Aspion proposed to pay RM96.255 million, or 30 per cent of the
purchase consideration, on a date falling six months from the
completion date, and RM224.595 million to be paid in cash on the
completion date.



Low, who holds a 38.25 per cent stake in Adventa, and Mulberry each
held 30 per cent and 70 per cent equity interests in Aspion,
respectively.






Mulberry is an investment fund managed by Southern Capital Group, a private equity firm.



Adventa said Aspion has proposed that, upon completion of the
proposed acquisition, Adventa shall, subject to obtaining all requisite
approvals, declare a distribution (as Adventa's board of directors
shall determine on or before the date of the extraordinary general
meeting) at an amount equivalent to at least RM1.70 per Adventa share
to all entitled shareholders of Adventa.



As the offer is a related party transaction pursuant to paragraph
10.08 of the Main Market Listing Requirements of Bursa Malaysia
Securities Bhd, the offer will only be deliberated by the
non-interested directors of Adventa.


Low has abstained and will continue to abstain from deliberations
and voting at the relevant board meetings of Adventa in respect of the
offer, it said.



In addition, the proposed acquisition is deemed a major disposal
pursuant to paragraph 10.11A of the Listing Requirements, and as such,
an independent adviser will be appointed to advise on the fairness and
reasonableness of the offer.


Adventa said its board (save for Low) will deliberate on the Offer and decide on the next course of action. -- Bernama

so the news is out, from 1.60 region to RM 2
this one is good one later on opening

FA - NEWS
Trading in Adventa suspended for 3 days (7191)
by hlk on Fri 06 Jul 2012, 12:58
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