Vestland largest shareholders’ obligatory takeover offer ends with 0.01% acceptance

• The 34 sen apiece offer from the three shareholders—including the construction company’s managing director and largest shareholder Datuk Liew Foo Heen, second largest shareholder Datuk Soo Sze Ching and executive director Wong Sai Kit—who control an over 70% stake in the company, only received 69,200 shares or a 0.01% stake in valid acceptances by its close on Tuesday, according to a press notice.

KUALA LUMPUR (Nov 11): The mandatory general offer (MGO) from Vestland Bhd’s (KL:VLB) largest shareholders, at a discount to its market price, has come to a close with a sliver of acceptances.

The 34 sen apiece offer from the three shareholders—including the construction company’s managing director and largest shareholder Datuk Liew Foo Heen, second largest shareholder Datuk Soo Sze Ching and executive director Wong Sai Kit—who control an over 70% stake in the company, only received 69,200 shares or a 0.01% stake in valid acceptances by its close on Tuesday, according to a press notice.

The trio had stated an intent to maintain Vestland’s listing status in the MGO.

Prior to the offer, they controlled a 70.92% stake in the company, with Liew holding a 34% stake, Soo a 33.2% stake (33.05% via Noble Pinnacle (Holding) Sdn Bhd (NPH) and 0.03% via Noble Pinnacle Sdn Bhd) and Wong a 3.72% stake.

The mandatory offer was triggered after the trio inked a shareholders’ agreement to regulate their rights and obligations with one another as Vestland shareholders, and to govern the management and general conduct of certain matters in respect of the company.

Part of the agreement saw Liew and Wong selling 30.69 million shares or a 3.25% stake to NPH for RM10.43 million or 34 sen per share.

NPH emerged as a substantial shareholder of Vestland in November last year, after it acquired a 29.8% stake from Woo via an off-market disposal.

Shares in Vestland closed half a sen or 1.14% lower at 43.5 sen on Tuesday, valuing the company at RM406.11 million.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.