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KUALA LUMPUR (May 4): Maxim Global Bhd (KL:MAXIM) has received a mandatory takeover offer of 24 sen per share from its managing director Tan Sri Gan Seong Liam.
The offer price, however, is a discount to the stock’s recent trading levels, coming in 11.11% below the last traded price of 27 sen on April 30, and between 9.09% and 34.76% below the stock’s volume-weighted average prices over the past five days to one year.
The offerors, including Gan’s children Gan Kuok Chyuan and Gan Kuok Wei, intend to maintain Maxim Global’s listing status on the Main Market.
The offer was triggered after Gan bought the equivalent of 15.54% stake from executive director Chai Chang Guan and her brother Chai Seong Min for RM27.42 million.
The acquisition raised Gan’s direct interest in the property developer to 37.33%. Gan and the people connected to him together now own 60.37% in Maxim Global. His two children are also executive directors in the company.
Under listing rules, Gan must extend the offer to other shareholders, costing nearly RM70 million to purchase the remaining 39.63% shares of Maxim Global.
Maxim Global returned to the black in the financial year ended Dec 31, 2021 (FY2021). For FY2025, it posted a net profit of RM33.44 million on revenue of RM443.78 million.
Shares of Maxim Global were trading unchanged at 27 sen, giving the company a market capitalisation of RM224 million.
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