PETALING JAYA: Smartpro Capital Sdn Bhd has emerged as the controlling shareholder in Systech Bhd
after buying 180.7 million shares, or 52.25%, from Leinet Technology Bhd for RM39.75mil cash or 22 sen per Systech share.
Smartpro, controlled by Liew Choon Lian (50.1%) and JCap Sdn Bhd (49.9%), has now tabled an unconditional mandatory general offer or MGO for the remaining Systech shares at 22 sen each.
JCap is owned by Sun Jianwei and Hooi Jia Hao, each holding 85% and 15%, respectively, Systech stated in a filing with Bursa Malaysia.
Liew is also the chairman and chief executive officer of Evergreen Corp.
The company operates as a special-purpose acquisition company and is listed on the Nasdaq stock market.
The 22 sen offer price is at a steep discount to Systech’s last traded price of 37.5 sen.
The offerers intend to maintain the listing status of Systech on the ACE Market.
They do not intend to invoke the provisions of subsection 222(1) of the Capital Market and Services Act to compulsorily acquire any remaining offer shares for which valid acceptances have not been received prior to the closing date even if the conditions stipulated in subsection 222(1) of the Capital Markets and Services Act 2007 are fulfilled.
Systech has 347.71 million shares issued in total.
