Wednesday, December 28, 2011

Huat Lai makes RM15.6m offer to acquire 66.29% of TPC

KUALA LUMPUR (Dec 28): HUAT LAI RESOURCES BHD [] has made a conditional take-over offer for the remaining 66.29% stake in TPC PLUS BHD [] at 30 sen a share.

The take-over offer would involve the remaining 52.032 million shares at the cost of RM15.61 million, according to TPC's statement to Bursa Malaysia on Wednesday.

The offer was extended after Huat Lai and parties acting in concert owned 26.968 million shares or 33.71% of TPC.

Huat Lai at its EGM on Wednesday had received its shareholders' approval for the acquisition of 33.65% of TPC for RM8.075 million or 30 sen per share and the proposed conditional takeover offer to acquire the remaining shares.

After the resolutions were passes at the EGM, Huat Lai and parties acting in concert held 33.71% of TPC shares or 26.968 million unit, including 50,000 shares held by Lim Yeow Kian, which was also involved in the takeover.

'The (TPC) board does not intend to seek an alternative person to make a take-over offer for the offer shares,' it said, adding that'' Inter-Pacific Securities Sdn Bhd had been appointed to act as the independent adviser to advise the TPC board and shareholders.

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