KUALA LUMPUR (Sept 21): Ornapaper Bhd on Wednesday (Sept 21) received a conditional mandatory takeover offer from Intisari Delima Sdn Bhd to acquire the remaining shares in the company not owned by the latter at RM1.06 per share cash.
The takeover offer was triggered after Intisari Delima acquired 15,000 shares representing 0.02% in Ornapaper from the open market on Wednesday at RM1.06 per share, increasing the shareholding of Intisari Delima and persons acting in concert (PACs) with it to 33.01%, from 32.99%.
Even so, the offer is unlikely to excite minorities, as Ornapaper’s share price closed on Wednesday at four sen or 3.77% higher to RM1.10.
Intisari said the offer price represents 0.63% to 3.18% premium for the 5-day to 3-month volume weighted average market prices (VWAP) of Ornapaper's share up to Sept 20. But the offer price is also a 2.41% to 14.32% discount to Ornapaper's 6-12 month VWAP.
Ornapaper's share price has fallen some 14% year-to-date.
In a bourse filing on Wednesday, the carton maker said an independent adviser will be appointed by the board in due course to provide comments, opinions, information and recommendation on the offer to the non-interested directors and holders of the offer shares.
Intisari Delima intends to maintain the listing status of Ornapaper on the Main Market of Bursa Securities.
Intisari Delima, which holds Ornapaper’s shares, is an investment company with its shareholders consisting of Sai Ah Sai, Sai Han Siong and Sai Chin Hock. Additionally, Ah Sai is the father of Han Siong and the brother of Chin Hock.
The PACs comprise Sai Swee Seong, Chua Mei Yin, Pilihan Sistematik Sdn Bhd and Uptrend Performer Sdn Bhd.
Swee Seong is the sole director and shareholder of Uptrend Performer and is also the son of Ah Sai, brother of Han Siong, brother-in-law of Mei Yin and nephew of Chin Hock. As for Mei Yin, she is the spouse of Han Siong, sister-in-law of Swee Seong and daughter-in-law of Ah Sai.
Ornapaper has a market capitalization of RM81.6 million.
Source: TheEdge - 22 Sep 2022
