KUALA LUMPUR: Hovid Bhd, the pharmaceutical company which had its manufacturing licences of two of its plants revoked in January this year, has received a conditional voluntary takeover offer by its managing director David Ho and Fajar Astoria Sdn Bhd, which will result in the company being taken private. Ho and Fajar Astoria will acquire 66.28 per cent stake and 56.43 per cent five-year warrants not already owned in Hovid for 38 sen per share and 20 sen per offer warrant. In a takeover offer notice to Hovid, Ho and Fajar Astoria said they do not intend to maintain the listing status of the former. Further, the offer price for each share is 18.75 per cent premium to the last transacted price at 31 sen on October 6. Fajar Astoria currently owns 100 per cent of TAEL Astoria Investments Ltd, TAEL Pantaleon Investments Ltd and TAEL Two Partners Ltd.TAEL Two Partners has 0.02 per cent stake in Hovid.

Source: New Strait Times October 09, 2017 12:56 UTC