KUALA LUMPUR (Oct 4): Mieco Chipboard Bhd has received a mandatory unconditional offer from SYF Resources Bhd's chairman cum chief executive officer Datuk Seri Ng Ah Chai, at 90 sen a share for the remaining 43.24% of the particleboard maker's shares he does not own. The stake represents some 90.81 million shares, according to the notice of the unconditional takeover offer from RHB Investment Bank Bhd — sent on behalf of Ng — that was received by Mieco today. He, however, would have to compulsorily acquire the shares he does not own in case 90% of the 90.81 million Mieco shares currently not in his hands are sold to him during the takeover period. The filing said Ng's offer of 90 sen represented a premium of between 2.3% and 7.1% to the volume-weighted average price (VWAP) of up to three months ended June 29, i.e. the day before Ng bought the 56.76% stake in Mieco.

Source: The Edge Markets October 04, 2016 15:33 UTC