KUALA LUMPUR: Karambunai Corp Bhd’s largest shareholder Tan Sri Dr Chen Lip Keong is taking the company private in a deal estimated at RM184.67 million.
Chen, the gaming tycoon who founded Hong Kong-listed NagaCorp Ltd, currently holds a 73.41 per cent stake in Karambunai Corp.
This includes an indirect 5.87 per cent stake held through FACB Industries Incorporated Bhd, in which he is a major shareholder.
FACB is the party acting in concert with Chen in the privatisation offer.
Karambunai Corp told Bursa Malaysia today that it had received an unconditional voluntary takeover offer from UOB Kay Hian Securities (M) Sdn Bhd on behalf of Chen to buy the remaining 1.54 billion shares or 26.59 per cent stake at 11 sen each.
He is also offering three sen each for the remaining 523.5 million warrants, representing 51.57 per cent of the outstanding warrants he does not hold.
The 11 sen offer price is a premium of 29.4 per cent to Karambunai Corp's last transacted price of 8.5 sen as at September 20, as well as to its five-day volume weighted average market price, which was also 8.5 sen.
Karambunai Corp shares closed unchanged at 8.5 sen today, valuing the company at RM491.01 million.