Mulpha receives takeover offer at RM2.30 per share

by SHAFIQQUL ALIFF / graphic by TMR

MULPHA International Bhd has received notice of an unconditional voluntary takeover offer from UOB Kay Hian Securities (M) Sdn Bhd on behalf of the joint offerors, which is to acquire all the remaining ordinary shares at RM2.30 per share.

In a filing to Bursa Malaysia, the joint offerors are Lee Seng Huang, Lee Seng Hui, Lee Ming Tee, Magic Unicorn Ltd, Klang Enterprise Sdn Bhd, Sagittarius Management Sdn Bhd, Mountbatten Corp, Nautical Investments Ltd and Mount Glory Investments Ltd.

The group said the joint offerors plan to take the remaining 155.52 million ordinary shares in the group representing approximately 49.98% of the total issued shares of Mulpha that are not already held by the joint offerors. 

“A copy of the takeover notice is enclosed in this announcement, and the same will be posted to the holders of the offer shares within seven days from the date of this announcement. The offer will be made to each of the holders of the offer shares equally and in respect of all, subject to the terms and conditions of the offer.

“Any holders who wish to accept the offer should refer to the procedures for the acceptance, which will be set out in the document outlining the terms and conditions of the offer document, together with the accompanying forms of acceptance and transfer,” Mulpha said in a filing to Bursa Malaysia today.

At the same time, Mulpha added that both of which will be despatched to the holders in due course, subject to the notification from Securities Commission Malaysia that it has no further comments on the contents of the offer document being obtained.

Recently, the group net profit rose 15.8% to RM35.77 million or earnings per share of 11.5 sen in the second quarter ended June 30, 2022, from RM30.9 million mainly to better performance in the hospitality division and boosted by a dividend income of RM24.7 million received from the group’s investment securities. However, the company revenue was down by 4.02% to RM251.17 million in 2Q22, from RM261.69 million in the previous year, dragged by the property division.