Six parties sell 35 million Bonia shares to Freeway Team (9288)

PETALING JAYA: Six parties sold 35 million shares of Bonia Corp Bhd to Freeway Team Sdn Bhd in an off-market deal at RM2.04 per share, said sources close to Bonia.
There
also isn't likely to be a new offer price for shares of Bonia Corp Bhd,
despite its share price continuing to trade at a 23.5% premium to its
offer price of RM2.04, the sources said.
Bonia closed yesterday at RM2.52, down 12 sen from last Thursday.
Freeway Team is a company controlled by Bonia's executive chairman Chiang Sang Sem and his son Chiang Fong Yee.
Last
week, executive chairman Chiang Sang Sem and persons acting in concert
(PACs) made a takeover offer of RM2.04 per share for all the shares
they do not own in the company after triggering a mandatory general
offer (MGO).
The MGO was triggered after Freeway Team acquired
35 million shares amounting to a 17.38% block in an off-market deal at
RM2.04 per share. This increased Chiang's stake to 48.25% from 31.98%.
Yesterday,
Bonia sent out a notification to shareholders in relation to its
unconditional mandatory takeover offer and supplemental notice of
unconditional mandatory takeover offer.
The joint offerors and
the people acting in concert are extending a mandatory general offer
for the shares they don't already own at a price of RM2.04, to be
settled in cash.
The offer price of RM2.04 was determined based
on a volume weighted average market price (VWAMP) based on its last
transacted price of RM2.49 on Aug 27.
The offer will remain open until 5pm for not less than 21 days after the date of the notice.
The joint offerors are also looking to maintain the listing status of Bonia.
However,
if the acceptances received by the offerors and PACs are not less than
ninth tenth the nomal value of the offer shares, the joint offerors
shall have absolute discretion to decide whether to invoke the
compulsory acquisition provision of Section 222 of the Capital Markets
and Services Act 2007.
Other substantial shareholders in Bonia Corp are Permodalan Nasional Bhd (12.14%) and AmanahRaya Trustees Bhd-Skim Amanah Saham Bumiputra (8.91%).
For
the first half to June 30, 2012, Bonia's net profit was up 7.13% to
RM45.64mil on the back of a 25.67% increase in revenue to RM579.81mil.
As of the period, it has cash of RM67.27mil.
The higher earnings were mainly attributed to the additional contribution of Jeco (Pte) Ltd.
The group completed its acquisition of Jeco on Dec 20, 2010.
As
such, the last year's comparative figures included only the second half
year's contribution from Jeco compared with the full year's
contribution for this financial year.