PARAGON Union Bhd’s controlling shareholder, AKK Capital Sdn Bhd, after emerging as the largest shareholders with a 60.41% stake in the company, issued a mandatory general offer for the remaining shares at 55 sen a share.

AKK Capital bought the shares in Paragon from Asia Avenue Sdn Bhd and four other shareholders at the same price.

The offer price is at a discount to Paragon’s last done price of 97 sen last Friday.

The offeror intends to maintain the listing status of Paragon on the main board of Bursa Malaysia.

All valid acceptances of the offer by shareholders are irrevocable, Paragon’s exchange filing last Friday noted.

AKK Capital is owned by Koon Hui Chun. Paragon, a maker of commercial carpets and rugs, automotive carpets based in Cheras, Selangor, has seen its share price rally from about 29.5 sen in mid-October, 2020, to a high of RM1.14 on Jan 13, 2021.