KUALA LUMPUR: Lagenda Properties Bhd and Epicon Bhd's major shareholder Datuk Doh Tee Leong has bought a 59.88 per cent interest in construction and property developer Mercury Industries Bhd for RM34.7 million, or 90 sen a share, triggering an unconditional mandatory takeover offer of the company.
Lagenda Properties is a property developer which was in the news earlier this year, while Epicon is in the business of construction and public transportation.
In its filing with Bursa Malaysia Securities, Mercury Industries said Doh is not a director and not involved in the business operations of Lagenda Properties.
He is however an executive director at Epicon.
Doh bought the stake in Mercury Industries through Bright Meadow Sdn Bhd on Nov 18, 2024, from 20 non-substantial shareholders.
Doh is the sole shareholder of Bright Meadow.
The stock last traded at RM1.03 share, giving it a market capitalisation of RM66.2 million.
Doh will make an offer for the remaining shares in the company and plans to maintain the listing status of the company.