Bonia executive chairman launches takeover at RM2.04 a share (9288)

KUALA LUMPUR: Bonia Corp Bhd group executive chairman cum CEO Chiang Sang Sem has extended an unconditional mandatory take-over offer for the remaining 49.83% stake not held at RM2.04 cash per share.
According to the stock market data on Tuesday, this is sharply lower than the last traded price of RM2.58, up nine sen.
Trading in the shares was halted at 4.49pm on Tuesday and will resume at 9am on Wednesday.
Bonia had received a notice of take-over offer from AmInvestment Bank Bhd, on behalf of Freeway Team Sdn Bhd,
Chiang Sang Sem and Chiang Fong Yee, to extend an unconditional
mandatory take-over offer for all the remaining 100.44 million shares
or 49.83%.
"The board has deliberated on the MGO (mandatory
general offer) and wishes to announce that the board does not intend to
seek an alternative offer for the Bonia shares as the joint offerors
and the PACs with them hold more than 50% of the issued and paid-up
share capital of Bonia," it said.
Bonia said in accordance with
the Malaysian Code on Take-Overs and Mergers 2010, the board would
appoint an independent adviser to advise the non-interested directors
and non-interested shareholders of Bonia in relation to the MGO.