KUALA LUMPUR, Power tool and industrial equipment maker Jasa Kita Bhd has received an unconditional takeover offer at 38 sen per share from its new controlling shareholder, Abd Azis Mohamad and his company Kintan Prima Sdn Bhd, for all remaining shares they do not already own.
The move follows Abd Azis – an oil and gas veteran – together with his wife Datuk Yasmin Mahmood (former CEO of MDEC) and brother-in-law Datuk Iskandar Mizal Mahmood (Boustead Holdings director), acquiring a 40.33% stake from former major shareholders Robert Tan Hua Choon (the “Casio King”) and his son Tan Han Chuan for RM68.9 million. The deal was conditional on selling four industrial land parcels in Gombak to Tan’s company Logik Damai Sdn Bhd for RM38 million. With this acquisition, Abd Azis and his group now hold a 50.19% stake in Jasa Kita and intend to keep the company listed on Bursa Malaysia.
Jasa Kita had earlier declared a special dividend of 12 sen per share from the land sale. Under the takeover terms, if the dividend is distributed before the offer closes, shareholders will receive an adjusted offer price of 26 sen per share (38 sen minus 12 sen). If it is paid after, shareholders will still get the full 38 sen per share.
The company, which manufactures and trades power tools, electric motors, hand tools, and industrial equipment, posted a 98% drop in net profit to RM604,000 for the first quarter ended June 30, 2025, as last year’s results were boosted by a one-off RM37.9 million land sale gain. However, revenue improved 3.7% to RM5.02 million on stronger trading and sales.
Shares of Jasa Kita touched a record high of 38.5 sen before easing to 37.5 sen at market close, just half a sen below the offer price. This gives the company a market value of RM168.6 million. So far in 2025, the stock has surged over 120%.
