AbleGroup gets 13 sen a share mandatory takeover offer

by MARK RAO

AbleGroup Bhd’s substantial shareholder Parallel Pinnacle Sdn Bhd has tabled a conditional mandatory takeover offer of 13 sen per share to the company shareholders. The move comes after Parallel bought a 10.72% stake from Loi Heng Swen for the same price or RM3.68 million and became a new shareholder in the granite and marble processor and property developer.

The controlling shareholders of Parallel — namely Datuk Lim Kim Huat, the MD of AbleGroup, Datin Chan Shiou Bin and Golden Century Overseas Ltd — will effectively increase their shareholding in AbleGroup from 33.25% to 43.97%.

The offer price represents a 7.14% discount to AbleGroup’s last traded price of 14 sen on Wednesday and at a 8.06% discount to the company’s five-day volume weighted average price of 14.14 sen, its exchange filing yesterday noted.

AbleGroup noted it is in the middle of sourcing for an independent advisor to advise non-interested directors and holders of the offer, with an announcement to be made in due course.

“The board, save for the interested directors, has deliberated on the offer and has no intention to seek an alternative person to make a takeover offer for the offer shares,” it said in a filing to Bursa Malaysia yesterday. The offer will remain open no later than 21 days from the posting date, which is to be made in the next 20 days.