Jasa Kita Bhd has announced that two of its major shareholders, Tan Sri Tan Hua Choon and Datuk Seri Tan Han Chuan, have signed a conditional share sale agreement to dispose of their collective 40.33% equity stake to Kintan Prima Sdn Bhd for RM68.9 million in cash. The transaction, valued at 38 sen per share, involves 181.31 million shares in total.
According to a Bursa Malaysia filing, the acquisition will significantly increase the collective shareholding of Kintan Prima, its director and controlling shareholder Abd Azis Mohamad, and persons acting in concert, Datuk Seri Iskandar Mizal Mahmood and Datuk Dr Yasmin Mahmood. This group currently holds 44 million shares in Jasa Kita, representing a 9.79% equity interest.
Following completion of the proposed acquisition, their combined stake will rise to 225.32 million shares, equivalent to a controlling 50.12% of the company. In accordance with regulatory requirements, the acquirers will be obligated to extend a mandatory general offer to remaining shareholders, also priced at 38 sen per share. This represents a modest premium to Jasa Kita’s last traded price of 36.5 sen.
Jasa Kita Bhd, a company engaged in the trading and distribution of industrial tools, mechanical air tools, and bathroom products, is simultaneously undertaking a strategic divestment of assets. Its wholly owned subsidiary, JKB Development Sdn Bhd, has entered into a conditional sale and purchase agreement with Logik Damai Sdn Bhd to dispose of four parcels of freehold industrial land in Gombak, Selangor, for RM38 million in cash.
The four parcels collectively span 14,086 square metres. The group expects to realise a net gain of RM29.5 million from the land disposal. Of the total proceeds, RM19 million has been earmarked for working capital purposes.
These developments underscore a significant shift in Jasa Kita’s ownership structure and asset base as it realigns for future growth and operational optimisation.
-The Star
