Hextar Portfolio Sdn Bhd has launched a conditional voluntary takeover offer, on behalf of Datuk Ong Choo Meng, to acquire all remaining shares in Hextar Retail Bhd not already held by the offeror and its ultimate offeror. The offer is priced at RM0.43 per share.
Dato Eddie Ong Choo Meng.
According to the offer document, Hextar Portfolio currently holds 142.29 million shares in Hextar Retail, representing a 30.6% stake in the company. Meanwhile, Datuk Ong Kook Liong, who is acting in concert with the offeror, holds an additional 0.6% stake.
The offer price of RM0.43 per share represents a 7.5% premium over Hextar Retail’s last traded price of 40 sen on Aug 7. It also translates into premiums ranging from 0.3% to 7.8% over the company’s five-day, one-month, three-month and six-month volume-weighted average market prices, reflecting a consistent premium across various trading periods leading up to the offer.
The takeover offer is conditional upon Hextar Portfolio and Ong Choo Meng securing valid acceptances that would bring their combined shareholding to more than 50% of Hextar Retail’s voting shares. If this condition is met, it would give the offeror and its concert party a controlling stake in the company, potentially paving the way for further corporate restructuring or a change in the company’s strategic direction.
As of the time of the offer, no additional details have been disclosed regarding the offeror’s future plans for Hextar Retail should the takeover succeed, including whether the company would maintain its listing status on the stock exchange or undergo any operational changes.
