Ter buys over Robert Tan’s stake in Maica

by **Cals** Thu 23 Jan 2014, 18:33

Business & Markets 2014

Written by Siow Chen Ming of theedgemalaysia.com

Thursday, 23 January 2014 09:43

KUALA LUMPUR: Ter Equity Sdn Bhd, controlled by Datuk Ter Leong Yap, has signed a deal with Tan Sri Robert Tan Hua Choon and related parties to acquire 39.29 million shares in Malaysia Aica Bhd (Maica) for 85 sen per share or RM33.39 million cash.

The purchase will see Ter, who controls privately owned developer Sunsuria Group, and parties acting in concert raise their holdings in Maica to 79.35 million shares, representing a 50.11% stake. This in turn will trigger a mandatory general offer for the remaining shares in the company.

The offer price of 85 sen per share comes in below Maica’s closing price of 96 sen per share yesterday, which put the company’s market capitalisation at RM121.24 million. The counter has been trading above 85 sen apiece since late December.

“It is the intention of the offeror to maintain the listing status of Maica,” said joint advisers RHB Investment Bank Bhd and Astramina Advisory Sdn Bhd, which prepared the statement for Bursa Malaysia.

Maica will be Ter’s first listed vehicle. Apart from leading his flagship Sunsuria Group, the 50-year-old has been active in the local business scene, holding notable positions in various business associations and institutions in the country.

Ter is deputy president of The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM); president of the Chinese Chamber of Commerce & Industry of Kuala Lumpur & Selangora and director of Bank of China (M) Bhd, among others.

His Sunsuria Group attracted attention last year after it hired top property executives Ho Hon Sang and Koong Wai Seng to be its chief executive officer (CEO) and deputy CEO. Ho was formerly managing director of Sunway Bhd’s property development division while Koong was executive director of Tropicana Corp Bhd.

Sunsuria gained fame for being the facilitator of the Xiamen University Malaysia Campus project, which was officiated by China president Xi Jinping during his visit to Malaysia last October.

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Ter has been active on the local business scene.

This article first appeared in The Edge Financial Daily, on January 23, 2014.