Batu Kawan clears 95pct in MKH takeover
KUALA LUMPUR: Batu Kawan Bhd’s unconditional mandatory takeover of MKH Bhd has crossed the 95 per cent threshold, paving the way for the property developer to be delisted from Bursa Malaysia.
KUALA LUMPUR - The Batu Kawan Group has reached an 95% stake in Makmal Holdings Bhd, a move that will see the property developer being delisted from the Bursa Malaysia stock exchange. As of the last trading day, Batu Kawan, its wholly-owned unit Whitmore Holdings Sdn Bhd and associated parties collectively owned 548.85 million MKH shares.
This stake accounts for a substantial 95.16%, according to a joint statement released by Maybank Investment Bank Bhd on their behalf. With more than nine-tenths of the offer shares approved, Batu Kawan and Whitmore will be able to utilize Section 222(1) of the Capital Markets and Services Act 2007 to legally acquire the remaining MKH shares from any remaining dissenter shareholders.
The takeover offer has been extended until October 8, following an initial closing date of September 17. Bursa Malaysia will halt trading in MKH shares five market days from the October 8 deadline. Once this occurs, Batu Kawan and Whitmore will then guide Makmal Holdings through the process of withdrawing its listing status.
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