Batu Kawan's MKH takeover closes with combined stake at 96.73%
MKH shares will be suspended from 9am on Oct 16, while the offerors have said they do not intend to keep the property developer listed.
The unconditional mandatory offer for MKH Bhd closed on Oct 8, leaving Batu Kawan Bhd, Whitmore Holdings Sdn Bhd and their concert parties with a combined 96.73% stake in the property developer.
Maybank Investment Bank Bhd, speaking for the offerors, put their holding at 557.93 million shares when the market closed on the extended deadline. Whitmore is wholly owned by Batu Kawan.
The offerors do not intend to keep MKH listed, the bank said. Trading will be suspended by Bursa Securities at 9am on Friday, Oct 16, following the expiry of five market days after the extended closing date. The offerors will subsequently have MKH carry out the steps required to withdraw its listing.
In May, Batu Kawan agreed through Whitmore to purchase 47.7% of MKH from Chen family members for RM549.8 million. The price was RM2 per share, with the privatisation costing up to RM1.15 billion at that offer price, including the initial acquisition.
Batu Kawan had announced a three-week extension on Sept 14, shifting the acceptance deadline to Oct 8 from Sept 17.
