Wednesday, September 7, 2011

Fututech executive chairman, director launch takeover

KUALA LUMPUR: FUTUTECH BHD []'s executive chairman Tee Eng Ho and director Tee Eng Seng have launched a takeover offer for the remaining 49.01% shares in the company at 50 sen each.

Fututech's board of directors said on Wednesday, Sept 7 that it had received a notice of unconditional take-over offer from Egovision Sdn Bhd, in which they each own 50% each.

They had also offered to acquire the remaining 18.59 million warrants at nine sen each.

Egovision holds 50.99% of Fututech shares or 46.269 million shares and 30.52% of the warrants or 8.165 million units.

Fututech said the board does not intend to seek an alternative person to make a take-over offer for the offer shares and/or offer warrants.

It said Egovision's intention was to maintain the listing status of Fututech. It also did not intend to invoke Section 222 of the Capital Markets & Services Act 2007 to compulsory acquire any outstanding offer securities for which valid acceptances had not been received.

Based on the closing price, there is marginal upside from the offerors. Fututech shares closed at 48.5 sen and the warrants untraded at 13 sen.

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