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NewsClement Hii sells entire stake in SYF Resources
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Clement Hii sells entire stake in SYF Resources
by Cals Fri 14 Mar 2014, 09:03
[size=33]Clement Hii sells entire stake in SYF Resources[/size]
Posted on 14 March 2014 - 05:36am
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[size=14]PETALING JAYA: Tan Sri Clement Hii Chii Kok has disposed of his entire stake in SYF Resources Bhd's to executive chairman and CEO Ng Ah Chai (offeror), triggering a mandatory general offer (MGO) by the latter of 65 sen per share for the remaining shares he does not own in SYF.
SYF Resources told Bursa Malaysia, Ng had triggered the MGO to acquire all the remaining 134.875 million shares in the company at 65 sen a share, after increasing his stake in the company to 50.50% from 29.76%.
Hii's private investment vehicle HCK Equities Sdn Bhd sold its 54.485 million shares in the company.
The stock closed up 2% at 64.5 sen following the announcement. The acquisition was done through direct business transactions and Ng said he plans to maintain the listing status of the company.
SYF Resources said the offer will be fully financed by the offeror and the offeror has confirmed that the offer will not fail due to its insufficient financial capability and that every holder who wishes to accept the offer will be paid in full by cash.
SYF Resources shares were suspended at 2.30pm yesterday to make way for the announcement. Trading in the stock resumed at 3.30pm.
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[size=14]PETALING JAYA: Tan Sri Clement Hii Chii Kok has disposed of his entire stake in SYF Resources Bhd's to executive chairman and CEO Ng Ah Chai (offeror), triggering a mandatory general offer (MGO) by the latter of 65 sen per share for the remaining shares he does not own in SYF.
SYF Resources told Bursa Malaysia, Ng had triggered the MGO to acquire all the remaining 134.875 million shares in the company at 65 sen a share, after increasing his stake in the company to 50.50% from 29.76%.
Hii's private investment vehicle HCK Equities Sdn Bhd sold its 54.485 million shares in the company.
The stock closed up 2% at 64.5 sen following the announcement. The acquisition was done through direct business transactions and Ng said he plans to maintain the listing status of the company.
SYF Resources said the offer will be fully financed by the offeror and the offeror has confirmed that the offer will not fail due to its insufficient financial capability and that every holder who wishes to accept the offer will be paid in full by cash.
SYF Resources shares were suspended at 2.30pm yesterday to make way for the announcement. Trading in the stock resumed at 3.30pm.
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