Friday, August 6, 2010

G Team owns 80.51% of Maika Holdings

KUALA LUMPUR: G Team Resources Bhd has raised its stake in Maika Holdings Bhd to 80.51% or 100.64 million shares at the close of the unconditional take-over offer.

CIMB Investment Bank said on Friday, Aug 6 that of the 80.51% stake, about 17.91% was subject to verification.
The offer closed at 5pm on July 30.

CIMB Investment Bank was engaged as the adviser and financier to G Team for this exercise. G Team is a special purpose vehicle established by Westports Malaysia Sdn Bhd executive chairman Tan Sri G Gnanalingam and Datuk S Kunasingam to take control of Maika with the objective of repaying shareholders their cost of investment in the company.

The offer price was was based on the original investment of Maika's shareholders of RM100 million and the 25 million bonus shares received in 1996.

No comments:

Post a Comment