Magna Prima's largest shareholders buy substantial stake from Prisma Pelangi, trigger takeover offer at 73 sen

• This came after their company, Hallson Holdings Sdn Bhd, bought a 5.66% stake from Prisma Pelangi Sdn Bhd for RM16.5 million. Wong and Seah each own half of Hallson. Seah’s wife, Tan Zhen Lin, is also involved as a shareholder.

KUALA LUMPUR (Sept 18): Property developer Magna Prima Bhd’s (KL:MAGNA) largest shareholders, Datuk Seri Bryan Wong Sze Chien and managing director Eddy Seah Ley Hong, have triggered a conditional mandatory takeover offer at 73 sen per share after their stake in the company rose to 35.73%.

This came after their company, Hallson Holdings Sdn Bhd, bought a 5.66% stake from Prisma Pelangi Sdn Bhd for RM16.5 million. Wong and Seah each own half of Hallson. Seah’s wife, Tan Zhen Lin, is also involved as a shareholder.

The sale brings Prisma Pelangi’s stake in the company down to 20.12%

In a filing with Bursa Malaysia, the company said it does not plan to delist Magna Prima or acquire all remaining shares.

Seah and Wong began building their stake in Magna Prima on Sept 27, when Hallson, then known as Edxus Solutions Sdn Bhd, bought 95 million shares (23.91%). They have been steadily raising their ownership since.

Earlier this year, Seah also triggered a takeover offer at Scanwolf Corp Bhd (KL:SCNWOLF) through another company, Mighty Alliance Sdn Bhd, in which Wong is also a shareholder. They now own a controlling 58.038% interest in the company.

Magna Prima’s share price closed unchanged at 65 sen on Thursday, valuing the company at RM260.93 million. Year to date, the stock is up 6.56%.

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