KUALA LUMPUR, AYS Ventures Bhd announced that the voluntary takeover offer by its associate, 3HA Capital Pte Ltd, for all shares in Singapore-listed CosmoSteel Holdings Ltd has turned unconditional after 3HA surpassed the 50% ownership mark.
As of Wednesday (July 23), 3HA Capital had secured valid acceptances for nearly 229 million shares, representing 87.88% of CosmoSteel’s issued share capital.
The offer was first made on May 15 at S$0.20 per share. On June 23, 3HA raised the offer by 25% to S$0.25 per share. Shareholders who accepted the earlier bid will automatically be entitled to the revised price. AYS said in a filing with Bursa Malaysia on Thursday that the offer deadline has been extended to 5.30pm on July 28, from the original closing date of July 14. Should acceptances reach 90% or more, 3HA may proceed with a compulsory acquisition of the remaining shares.
AYS’ wholly owned unit, Ann Yak Siong (Singapore) Pte Ltd, holds a 14.9% stake in 3HA Capital. Other stakeholders include HHH Group Pte Ltd (40.2%), Hanwa Singapore (Pte) Ltd (30%), and Thor Capital Pte Ltd (14.9%). AYS Singapore invested S$298,000 (around RM1 million) in 3HA Capital. 3HA has stated it does not plan to revise the offer further.
Previously, AYS said its involvement aligns with its strategic goal of becoming a leading, sustainable steel distributor in the region. The acquisition is expected to broaden its market presence, create synergies, and strengthen service capabilities across engineering, energy, and construction sectors.
At the noon break on Thursday, AYS shares were untraded. The counter last closed at 25.5 sen on Wednesday, with a market capitalisation of RM106.7 million. Year to date, the stock has declined by 15%.
