Wing Tai yet to receive valid acceptances for compulsory take over

PETALING JAYA: Wing Tai Malaysia Bhd, which has extended the take over offer period to August 8, has not received enough valid acceptances for its joint offerors to compulsorily acquire shares they do not own.
Wing Tai had in May received an unconditional takeover offer from its major shareholders Wing Tai Holdings Ltd and Wing Tai Investment & Development Pte Ltd (WTID) for RM1.80 per share. Based on valid acceptances, the joint offerors collectively hold a 95.26% stake in Wing Tai, which is still 1.35% shy away from the 96.61% threshold.
According to a circular issued today, the clothes manufacturer and property developer said as at July 14, the joint offerors have not invoked the provisions of Section 222 of the CMSA to compulsorily acquidre any outstanding offer shares for which valid acceptances have not been received.
The joint offerors do not intend to maintain its listing status and the trading of Wing Tai shares will be suspended immediately upon the expiry of five market days from the final closing date.
Independent adviser Mercury Securities Sdn Bhd had cited the take over offer "not fair" but "reasonable".
At 3.55pm, Wing Tai shares were unchanged at RM1.80 on some 286,200 shares done, giving it a market capitalisation of RM877.2 million.