MBf’s Lourdenadin succeeds in privatisation bid

Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 29 April 2013 14:17
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KUALA LUMPUR (April 29): At the privatisation offer’s closing date
(last Friday), MBf HOLDINGS BHD []’s (MBf) controlling shareholder
Tan Sri Dr Ninian Mogan Lourdenadin managed to garner 98.92% of the
company’s shares in order to take it private.
He now can compulsorily acquire the remaining shares he does not own.
In a filing to Bursa Malaysia, MBf said Lourdenadin and his joint offerors
received 571,291,420 shares or a 98.92% stake in the company at 5
pm last Friday, which was the second revised closing date for the offer.
The joint offerors include Tor Private Ltd, Nadin Holdings Sdn Bhd,
Impact Action Sdn Bhd and Market Share Investments Ltd.
As Lourdenadin is required to have 98.9% acceptance level, MBf said
Lourdenadin will invoke his right to compulsorily acquire the remaining
shares he does not own.
“The joint offerors intend to invoke the provisions of Section 222 of the
Capital Markets and Services Act 2007 to compulsorily acquire any
offer shares for which acceptances have not been received under the
offer,” said MBf in the filing.
Lourdenadin and the joint offerors also garnered 99.2% of MBf’s
warrants as at the offer’s closing date.
Lourdenadin's offer – which was revised twice – was last at RM1.775 per MBf share and 77.5 sen for each of the company’s
warrant.