KUALA LUMPUR: JAG Capital Holdings Bhd now controls a 62.72 per cent stake in KUB Malaysia Bhd following the conclusion of its mandatory general offer (MGO) at 60 sen per share.
At the close of the MGO today, JAG obtained 163.82 million shares or a 29.44 per cent stake in KUB.
This raised JAG's stake in KUB to 62.72 per cent or 349 million shares, according to a statement issued by its adviser Maybank Investment Bank Bhd.
JAG, in a circular to shareholders, said it does not intend to keep KUB's listing status if it secures 90 per cent of all the company's shares.
But it would keep KUB listed if it secures between 75 per cent and 90 per cent.
JAG was required to make an MGO for KUB on Jan 9 this year after buying 1.79 million shares on the open market, which raised its shareholding to 33.28 per cent.
Prior to that, KUB had proposed a related party transaction to buy an 86.65 per cent stake in cables and wire manufacturer Central Cables Bhd from JAG for RM119.42 million.
KUB closed one sen or 1.7 per cent lower at 58.5 sen today, valuing it at RM326 million.