A&W was the first fast food outlet across Taman Jaya and families from Section 10 could be see having root beers and Coney dogs on Sundays AZHAR MAHFOF/The Star (21/6/2015)
KUALA LUMPUR: Anchorscape Sdn Bhd managed to get a level of acceptances of only 0.01% of KUB Bhd’s issued share capital at the close of its mandatory takeover offer (MTO) of the diversified group on Wednesday.
On behalf of Anchorscape, Kenanga Investment Bank said the offer attracted 59,279 KUB shares, bringing Anchorscape’s shareholding to 52.18%.
KUB is involved in sectors such as energy (distributing liquefied petroleum gas under the Solar Gas brand name), information and communications technology and food (operating the A&W restaurant chain).
The MTO was triggered after Anchorscape, whose directors include Linggi state assemblyman Datuk Abdul Rahman Mohd Redza and Prasarana Malaysia Bhd director Darhim Dali Hashim, exercised a call option on June 5.
The call option required Minister of Finance (Inc) to sell call option shares, representing 22.55% of KUB’s issued share capital, to Anchorscape for RM43.91mil cash or 35 sen per share .
Temasek Padu Sdn Bhd, through unit Gaya Edisi Sdn Bhd (which wholly owns Anchorscape), already held 29.62% equity interest in KUB. Gaya Edisi was at the time in the midst of transferring its KUB shares to Anchorscape.
Anchorscape, whose shareholding in KUB along with ultimate offeror Temasek Padu and person acting in concert Gaya Edisi rose to 52.17%, then made an MTO for the rest of the shares it did not hold at 35 sen apiece.
From the outset, Anchorscape has intended to keep KUB’s listing status, which means it did not have to cross the 90% shareholding threshold level.
Affin Hwang Investment Bank Bhd, in its independent advice to non-interested directors and minority shareholders, recommended earlier this month that the offer be rejected, calling it “not fair and not reasonable”.
According to Affin Hwang, the offer price was 78% lower than the estimated fair value of RM1.59 per share. It also noted that the KUB shares were relatively liquid.
The counter closed 1.5 sen higher at 51.5 sen on Wednesday, with 2.8 million shares changing hands.
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