Pesona Metro major shareholder makes mandatory takeover offer at 19 sen per share

PESONA Metro Holdings Bhd has received a takeover offer from major shareholder Wie Hock Kiong at 19 sen per share or RM52.83 million cash.

In the filing with Bursa Malaysia today, Pesona Metro said Hock Kiong, who is a non-ED of the company, is aiming to acquire 278.03 million shares or a 40.01% stake in the group.

The conditional mandatory takeover was triggered after the 62-year-old acquired an 80% stake in Kombinasi Emas Sdn Bhd from his younger brother, Wie Hock Beng, who is also the MD of Pesona Metro, for RM18.09 million.

As at Nov 17, Kombinasi Emas owned a 41.54% stake in Pesona Metro.

Hock Kiong and persons acting in concert (PACs) which includes Hock Beng, collectively own a 59.99% stake in Pesona Metro.

The takeover offer is not extended to the PACs, and Hock Kiong intends to maintain the company’s listing status.

The takeover price of 19 sen per share represents premiums of 1.39% to the five-day and 1.66% to the one-month volume-weighted average market prices (VWAMPs) of Pesona Metro’s shares up to Nov 17 in the open market.

The price is at a 0.42% discount to the three-month and a 14.61% discount to the one-year VWAMPs up to Nov 17. Shares in Pesona Metro have fallen 21% year-to-date.

Pesona Metro, a construction outfit, will appoint an independent adviser to provide comments, opinions and recommendations on the offer to non-interested directors and shareholders. — TMR / pic source