PETALING JAYA: Electrical and electronics equipment maker Ewein Bhd received today a notice of unconditional mandatory take-over offer from Aminvestment Bank Bhd on behalf of electronics manufacturing services provider NationGate Holdings Bhd’s managing director.
In a filing with Bursa Malaysia today, Ewein said Ooi Eng Leong has entered into a share sale agreement (SSA) with Hijauwasa Sdn Bhd to acquire 120.59 million ordinary shares in Ewein, representing a 39.99% stake, for a total cash consideration of RM72.36 million or 60 sen per share.
It said the share acquisition was completed via a direct business transaction today, bringing Ooi’s interest in Ewein to 43.82% from 3.84% prior to the acquisition.
Ewein said as of the date of the notice, the persons acting in concert (PACs) with Ooi held 20.4 million shares, representing an approximate 6.77% shareholding. Ooi and his PACs collectively held 152.57 million shares, or approximately 50.59% of Ewein, following the share acquisition.
Accordingly, it said pursuant to provisions of the Capital Markets and Services Act, 2007 and the Rules on Take-overs, Mergers and Compulsory Acquisitions by the Securities Commission Malaysia (SC), Ooi is obliged to extend an unconditional mandatory take-over offer to acquire all the remaining 149.01 million shares.
Trading in the securities relating to Ewein was halted with effect from 4.16pm today, and would resume at 9am tomorrow. Its shares was down 1.5 sen or 2.1% at 70 sen, valuing the group at RM211.14 million.
Penang-based Ewein manufactures and designs precision sheet metal moulds, tools, dies and fabricated parts, used in electrical and electronics equipment. It also manufactures precision plastic injection molding products and product finishing.
Its founder and executive chairman Ewe Swee Kheng passed away in October 2021. Ewe, 53, was a prosecution witness in the Penang undersea tunnel graft case involving former Penang chief minister and finance minister Lim Guan Eng.
Things have been looking up for Ooi’s NationGate, which was only listed on the ACE Market on Jan 12 this year. It opened at 81 sen — a 113% premium against its initial public offering (IPO) price of 38 sen.
The shares of Penang-based NationGate closed 1 sen lower today at RM1.23, giving it a market capitalisation of RM2.55 billion. - FMT
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