KUALA LUMPUR: NationGate Holdings Bhd managing director Ooi Eng Leong has launched a mandatory takeover offer of the remaining shares in Ewein Bhd.
Ooi, together with two other parties acting in concert (PAC), offered to buy the remaining Ewein shares at 60 sen each.
The mandatory offer follows Ooi's acquisition of a 3.84 per cent stake or 11.57 million shares in Ewein today.
The acquisition raises his shareholding to about 43.82 per cent.
Ooi, via AmInvestment Bank Bhd, named Datuk Seri Hong Yean Wah and Goh Kiang Teng as the PAC.
PACs with Ooi collectively hold 20.41 million Ewein shares, representing about 6.77 per cent of the shareholding.
Consequently, Ooi and his PACs now hold a total of 152.57 million shares in Ewein, equivalent to 50.59 per cent.
On behalf of Ooi, AmInvestment said the mandatory takeover offer presents an opportunity for the remaining shareholders of Ewein to sell their shares at the specified offer price.
The bank said the acceptance of the offer will be subject to the terms and conditions outlined in the official offer document, which will be submitted to the shareholders in due course.
"The offer is being made to each of the holders of the offer shares for all his offer shares subject to the terms and conditions of the offer.
"The 60 sen per share offer would be satisfied wholly in cash," AmInvestment said.
The bank said completion of the mandatory takeover offer will potentially result in significant changes in Ewein's ownership structure and future strategic direction.
"Shareholders and market participants will closely monitor the developments surrounding the mandatory takeover offer as it progresses," it said.
The offer will remain open for acceptances for not less than 21 days from the posting date.
"Ooi intends to maintain the listing status of Ewein on the main market of Bursa Securities," it said.