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PETALING JAYA (Sept 17): Whitmore Holdings Sdn Bhd, Batu Kawan Bhd and persons acting in concert (PACs) collectively held a 79.58% stake in MKH Oil Palm (East Kalimantan) Bhd (MKHOP) following the close of Whitmore’s mandatory takeover offer at 66.26 sen a share.
In a Bursa Malaysia filing on Thursday (Sept 17), Batu Kawan said the offer by its wholly-owned subsidiary Whitmore closed at 5pm the same day.
Whitmore, Batu Kawan and the PACs collectively held 807.16 million MKHOP shares at the close, representing 79.58% of the plantation company’s 1.014 billion issued shares, excluding treasury shares.
This compares with 701.9 million shares, or 69.20%, held collectively when the offer document was posted on Aug 27.
Between the posting date and the close of the offer, Whitmore received valid acceptances involving 99.07 million shares, equivalent to 9.77% of MKHOP’s issued shares.
Whitmore, Batu Kawan and the PACs also acquired or agreed to acquire another 6.19 million shares, or 0.61%, outside those covered by offer acceptances.
Acceptances involving a further 88,647 shares, representing 0.01%, had been received but remained subject to verification at the close.
The mandatory offer for MKHOP arose from Batu Kawan’s takeover of property developer MKH Bhd. MKH and its subsidiaries collectively hold a controlling stake in MKHOP.
Batu Kawan had in May agreed to acquire a 47.7% stake in MKH from the Chen family for RM549.8 million, triggering a mandatory offer for the remaining MKH shares at RM2 each as well as the 66.26-sen offer for MKHOP.
Batu Kawan has said it intends to maintain MKHOP’s Main Market listing.
MKHOP shares closed one sen lower at 65 sen on Thursday, giving the company a market capitalisation of about RM665.3 million. Batu Kawan gained 12 sen to RM20.28.
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