PETALING JAYA: South Malaysia Industries Bhd
(SMIB) has received a takeover offer worth over RM47mil from its major shareholders.
In a filing with Bursa Malaysia, the company said the shareholders comprise Francis Leong and two subsidiaries of Techbase Industries Bhd, which are offering 45 sen per share to acquire the remaining shares they do not already own in SMIB.
They currently own 50.05% in SMI.
In a separate filing, Techbase Industries Bhd said its subsidiaries, Honsin Apparel Sdn Bhd (HASB) and HiQ Media (Malaysia) Sdn Bhd (HMSB) had signed a collaboration agreement with Target 1 Sdn Bhd (TSB) to form a strategic alliance to gain control of SMI.
Techbase said the collaboration agreement includes the recognition of HASB, HMSB and TSB as a group holding more than 33% of SMI's shares.
This, the company said, has triggered the obligation to extend a mandatory general offer to acquire the remaining shares of SMI not already held by the parties.
