KUALA LUMPUR: IT services provider Dataprep Holdings Bhd and Johan Holdings Bhd have become takeover targets of two “Tan Sri” businessmen, who are bidding at a discount to the companies’ market price.
Dataprep yesterday received an offer from printing and publishing firm Wardah Communication Sdn Bhd owner Tan Sri Muhammad Ikmal Opat Abdullah to buy all the remaining shares he does not already own.
This is after Ikmal bought 270.54 million shares or a 64.2 per cent stake in Dataprep at 16 sen each from controlling shareholder VXL Holdings Sdn Bhd. The offer price is a discount to Dataprep’s midday close yesterday.
Johan Holdings, meanwhile, received a takeover offer from its chairman and chief executive Tan Sri Tan Kay Hock and his wife Puan Sri Tan Swee Bee via Mustika Manis Sdn Bhd. This followed their acquisition of an additional 15 million shares or 2.41 per cent of the voting shares in the group for RM3.75 million or 25 sen per share.
Tan, who is also chairman of George Kent (Malaysia) Bhd, and his wife previously owned 45.76 per cent of Johan in the last six months.
Both transactions triggered a mandatory takeover offer from Ikmal and Tan to buy the rest of the shares not already owned by them, although both announced that they planned to keep the companies’ listing status on Bursa Malaysia.
Ikmal’s offer, however, was conditional to him holding more than 50 per cent of the total voting shares of Dataprep.
Ikmal’s offer price is a discount to Dataprep’s midday close of 39.5 sen a share while Tan’s is 1.96 per cent discount from Johan Holdings’ last traded price of 25.5 sen.
The offer from Ikmal will be open for 21 days, Dataprep said in its announcement to Bursa.
Ikmal is the founder and executive chairman of Widad Business Group, which deals in integrated facilities mangement, construction, aqualculture, hospitality management, property management and investment and education.