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NewsMajor shareholders offer RM131m to take DXN private
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Major shareholders offer RM131m to take DXN private
by hlk Tue 06 Sep 2011, 08:45
Founder Datuk Lim Siow Jin and related parties have offered to buy the remaining 34 per cent of DXN Holdings at RM1.75 a share.
KUALA LUMPUR: The major shareholders of DXN Holdings Bhd have offered RM131 million, or RM1.75 a share, to take the multi-level marketing company private.
The offer is a 23 per cent premium to its closing price of RM1.42 yesterday.
DXN Holdings told Bursa Malaysia that DXN Group Sdn Bhd, owned by founder Datuk Lim Siow Jin, and related parties now hold about 66 per cent of the group.
They have offered to buy the remaining 34 per cent.
The take-over offer is conditional upon DXN Group receiving an acceptance level of 90 per cent, as well as approvals from the Securities Commission. The offer will last for 21 days.
"The joint offerors do not intend to maintain the listing status of DXN on the official list of Bursa Malaysia," said Hong Leong Investment Bank Bhd on behalf of the offerors.
For the financial year ended February 28 2011, the company's net profit jumped 46 per cent to RM41.46 million, from RM28.42 million a year ago.
Shares of DXN closed 1 sen lower at RM1.42. There were 1.76 million shares traded, more than double its average daily trading volume over the past 30 days. Over the past 30 days, its shares gained 12 sen or 9 per cent.
KUALA LUMPUR: The major shareholders of DXN Holdings Bhd have offered RM131 million, or RM1.75 a share, to take the multi-level marketing company private.
The offer is a 23 per cent premium to its closing price of RM1.42 yesterday.
DXN Holdings told Bursa Malaysia that DXN Group Sdn Bhd, owned by founder Datuk Lim Siow Jin, and related parties now hold about 66 per cent of the group.
They have offered to buy the remaining 34 per cent.
The take-over offer is conditional upon DXN Group receiving an acceptance level of 90 per cent, as well as approvals from the Securities Commission. The offer will last for 21 days.
"The joint offerors do not intend to maintain the listing status of DXN on the official list of Bursa Malaysia," said Hong Leong Investment Bank Bhd on behalf of the offerors.
For the financial year ended February 28 2011, the company's net profit jumped 46 per cent to RM41.46 million, from RM28.42 million a year ago.
Shares of DXN closed 1 sen lower at RM1.42. There were 1.76 million shares traded, more than double its average daily trading volume over the past 30 days. Over the past 30 days, its shares gained 12 sen or 9 per cent.
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