KUALA LUMPUR: Johan Holdings Bhd
’s chairman and chief executive officer Tan Sri Tan Kay Hock, who owns 48.17% stake, has launched a mandatory takeover offer at 25 sen a share.
In a filing with Bursa Malaysia, Johan said Tan’s shareholding increased to 48.17% from 45.76% previously after he bought an additional 15 million shares at 25 sen per share for a total value of RM3.75mil via Mustika Manis Sdn Bhd (MMSB) in a business transaction.
Tan and Puan Sri Tan Swee Bee, who is also a director of Johan, owns 50% each in MMSB. Tan is also a substantial shareholder and non-independent non executive chairman of George Kent (M) Bhd.
The offer price of 25 sen apiece was at a 4% discount to last traded price of 26 sen.
The offerors intend to maintain Johan’s listing status on Bursa Malaysia.
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