Johan gets takeover offer from chairman, partners

PETALING JAYA: Johan Holdings Bhd has received a conditional mandatory takeover offer from its chairman Tan Sri Tan Kay Hock and other persons acting in concert (PACs) for 25 sen per share.
On Oct 11, Mustika Manis Sdn Bhd (MMSB), which is owned by Kay Hock and his wife Puan Sri Tan Swee Bee, acquired a 2.41% stake in Johan for 25 sen apiece. Following the acquisition, MMSB and PACs hold a 48.17% stake in Johan.

Kay Hock is also George Kent (Malaysia) Bhd chairman. The PACs include Kin Fai International Ltd, Kwok Heng Holdings Ltd, Star Wealth Investment Ltd and Suncrown Holdings Ltd.

In a filing with Bursa Malaysia, Johan said the offer price of 25 sen represents a 2.57% discount to the company’s five-day volume weighted average market price of 25.66 sen.
Johan said the board will hold a meeting to deliberate the offer and make an announcement in due course.
It is the offerors’ intention to maintain the group’s listing status on the Main Market of Bursa Securities.
Johan shares rose half a sen or 1.96% to 26 sen today with a total of 14.34 million shares traded.