Builder Chin Hin Group Bhd (Chin Hin) has made a conditional mandatory takeover offer for 6.2 million remaining ordinary shares, or 2.11% in Ajiya Berhad for RM9.51mil or RM1.53 per share.
In a Bursa filing today (Nov 24), the company said the transactions was made via direct business transaction on Nov 22, for the shares not already owned by the offerer, Chin Hin.
This is following Chin Hin’s proposed acquisition in Sept 22 where it entered a conditional share sale agreements (SSAs) with How Lian Yeong and Ong Hang Ping respectively for the proposed acquisition.
It was reported that as at Sept 11, Chin Hin and its persons acting in concert (PACs), hold in aggregate 94.4 million ordinary shares in Ajiya, representing 32.0% equity interest in Ajiya.
Upon completion of the proposed acquisition, the aggregate shareholdings of Chin Hin and its PACs in Ajiya will increase to 34.1% from 32% and Chin Hin will be obliged to extend a conditional mandatory general offer (MGO) for all the remaining Ajiya shares not already owned at a cash offer price of RM1.53 per Ajiya share.
Chin Hin had said the proposed Ajiya offer will be implemented upon the Ajiya SSAs becoming unconditional.
