Major Team to be taken private

by **Cals** Fri 13 Sep 2013, 09:59

Business & Markets 2013

Written by Levina Lim of theedgemalaysia.com

Friday, 13 September 2013 09:50

KUALA LUMPUR: Major shareholders of loss-making MAJOR TEAM HOLDINGS BHD [] (MTHB), comprising Kong See Kuan, Excellent Avenue (M) Sdn Bhd (EASB) and Ample Potential Sdn Bhd (APSB), have proposed to acquire the remaining stake in MTHB at 17 sen per share.

The major shareholders collectively own 62.7% of MTHB, with Kong regarded as the main offeror by virtue of her substantial interests in APSB and Exclusive Vest Holdings Sdn Bhd, which has a 50% stake in APSB.

They intend to delist MTHB upon completion of the planned privatisation of the company.

In a filing with Bursa Malaysia yesterday, the company said its shareholders had approved the resolution for the proposed voluntary withdrawal from the Main Market of Bursa Securities at an EGM held yesterday.

The resolution was approved with 99.35% of the shareholders voting in favour of the delisting.

“The board has deliberated on the exit offer [from the major shareholders] and do not intend to seek an alternative person to make a takeover offer for the offer shares,” it said in the filing.

MTHB is a manufacturer of dimension stone products via its operating subsidiary, Stone World Sdn Bhd. Stone World’s processing plant was set up in 1993 on 16 acres (6.4ha) of land in Pasir Gudang in Johor.

The group has been recording losses since the last five financial years. For the 2012 financial year ended Dec 31 (FY12), it recorded a net loss of RM6.85 million. In the first half of FY13, MTHB had already recorded a net loss of RM3.24 million.

According to the earlier statement to Bursa Malaysia, the joint offerors said the delisting exercise will provide greater flexibility to review and implement restructuring plans.

This article first appeared in The Edge Financial Daily, on September 13, 2013.