KUALA LUMPUR: SOUTHERN STEEL BHD []'s share price slipped in early trade on Monday, July 19 after it received a notice of conditional take-over offer from Signaland Sdn Bhd ' an SPV linked to Tan Sri Quek Leng Chan ' to acquire all the shares, which it does not own, for RM2.05 cash per share.
At 9.30am, Southern Steel shed two sen to RM2.02 with 69,000 shares traded. It should be noted the shares jumped 13 sen to end at RM2.04 last Friday, ahead of the announcement. Its 52-week high was RM2.69 and its 52-week low was RM1.58.
"The board does not intend to seek an alternative person to make a take-over offer for the offer shares," Southern Steel said.
Signaland had acquired 113.38 million shares or 27.03% at RM2.05 per share for RM232.43 million shares from NatSteel Holdings Pte Ltd.
Prior to the acquisition, the offeror and persons acting in concert owned 181.25 million shares or 43.21% stake. After the acquisition, the offeror and persons acting in concert saw their collective interest increase from 43.21% to 70.24%.
Should they hold more than 90% of the listed shares, it would seek to delist Southern Steel. However, if it receives more than 75% but less than 90% of the listed shares, it would explore various options to address the public shareholding spread.
At 9.30am, Southern Steel shed two sen to RM2.02 with 69,000 shares traded. It should be noted the shares jumped 13 sen to end at RM2.04 last Friday, ahead of the announcement. Its 52-week high was RM2.69 and its 52-week low was RM1.58.
"The board does not intend to seek an alternative person to make a take-over offer for the offer shares," Southern Steel said.
Signaland had acquired 113.38 million shares or 27.03% at RM2.05 per share for RM232.43 million shares from NatSteel Holdings Pte Ltd.
Prior to the acquisition, the offeror and persons acting in concert owned 181.25 million shares or 43.21% stake. After the acquisition, the offeror and persons acting in concert saw their collective interest increase from 43.21% to 70.24%.
Should they hold more than 90% of the listed shares, it would seek to delist Southern Steel. However, if it receives more than 75% but less than 90% of the listed shares, it would explore various options to address the public shareholding spread.
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