KUCHING: Business tycoon Datuk Dr Mohd Abdul Karim’s (pic) unconditional mandatory takeover offer to acquire the remaining Kumpulan Powernet Bhd (KPB) shares not already owned by him and persons acting in concert (PACs) will remain open for acceptances until Nov 13, 2019.
The executive deputy chairman of KPB is offering RM1 per share in cash to acquire the offer shares.
On Oct 23, KPB said it had received a press notice from RHB Investment Bank Bhd, on behalf of Mohd Abdul Karim (the offeror), notifying that the offer documents, which set out details, terms and conditions of the offer, and together with form of acceptance & transfer has been despatched to the shareholders.
As at Oct 22, Mohd Abdul Karim owns 28,737,541 KPB shares of 37.77 percent equity interest in the company.
The PACs collectively hold 11,882,900 shares or 15.6 percent in KPB. They are Grand Deal Vision Sdn Bhd, Mustakim Mat Nun, Sarah Azreen Abdul Samat, Rosland Othman and Azhan Azmi.
This means the offeror and the PACs together own an aggregate of 40,646,441 shares or 53.37
percent in the company.
The offeror emerged as a major shareholder and single largest shareholder in KPB when he acquired 20.04 percent stake in the company on June 20. Subsequently on Oct 2, he raised his stake in the company to 36.13 percent, thereby triggering a mandatory offer obligation to acquire all the remaining KPB shares not already held by him.
It is the intention of the offeror to maintain the listing status of KPB on the main market of Bursa Securities.
KPB is principally engaged in investment holding and its subsidiaries are involved in the manufacture of warp-knitted fabrics and property development.
“The offeror presently does not have any plan and/or intention to liquidate KPB or any companies within the KPB group. The offeror intents to continue with the existing businesses and operations of the KPB group.
