KUALA LUMPUR: PFCE Engineering Sdn Bhd has served a notice of conditional take-over offer on APP INDUSTRIES BHD [] and has offered to acquire the remaining 64.19% stake at 45 sen a share.
APP said it has received the notice on Monday, Jan 10 after PFCE acquired 35.81% stake in APP earlier in the day.
PFCE had earlier acquired a 16.31% stake in APP from Ow Hang Sen and 19.5% from Cheah Sun Chuang for 45 sen cash per share.
APP said the board would appoint an independent adviser to advise the independent directors and holders of the offer shares on the reasonableness of the offer.
Datuk Abu Talib Mohamed and his son, Muammar Gadaffi are the ultimate offerors for the conditional takeover, who hold 80% and 20% equity stakes in PFCE respectively.
APP said it has received the notice on Monday, Jan 10 after PFCE acquired 35.81% stake in APP earlier in the day.
PFCE had earlier acquired a 16.31% stake in APP from Ow Hang Sen and 19.5% from Cheah Sun Chuang for 45 sen cash per share.
APP said the board would appoint an independent adviser to advise the independent directors and holders of the offer shares on the reasonableness of the offer.
Datuk Abu Talib Mohamed and his son, Muammar Gadaffi are the ultimate offerors for the conditional takeover, who hold 80% and 20% equity stakes in PFCE respectively.
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