by NUR HAZIQAH A MALEK / graphic by MZUKRI

MESB Bhd received a mandatory general offer (MGO) from two Lotus KFM Bhd directors, Wong Sak Kuan and Yau Ming Teck who have raised their holding in the company to 44.14%.

The corporate move comes after Wong and Yau bought 29.49 million shares for RM8.85 million or 30 sen per share, an MESB filing to Bursa Malaysia yesterday noted.

Wong and Yau increased their collective equity from 17.34 million shares, representing a 16.35% equity stake in MESB, to 46.83 million shares or a 44.14% equity stake in the leather products maker upon completion of the acquisitions.

They are now offering cash 31.5 sen per share and 1.5 sen per warrant for the remaining shares and warrants they do not yet own.

The offer will remain open for acceptances for a period of not less than 21 days from the posting date, or such other later date(s) as the joint offerors may decide, the statement said.

Following the acquisition and takeover offer, the joint offerors stated the intention to maintain the company’s listing status on the Main Market of Bursa Securities.

The company’s shares last traded at 35 sen, giving it a market capitalisation of RM32 million.

Wong is currently the vice chairman and a major stakeholder of Lotus KFM and is also a director and shareholder of several other private companies.

Yau is also a substantial shareholder and director of Lotus KFM, as well as the director at HLT Global Bhd and UMS-Neiken Group Bhd.