PETALING JAYA: Advance Information Marketing Bhd (AIM) has received a notice of intention from Datuk Chai Woon Chet to undertake a conditional voluntary takeover offer of 13 sen per share for its 241.97 million of its issued shares.
Chai is also the managing director and substantial shareholder of Anzo Holdings Bhd, non-executive director of M3 Technologies (Asia) Bhd and a executive director and a major shareholder of Oversea Enterprise Bhd as well as a substantial shareholder of XOX Bhd.
It said the offer notice is conditional upon the offeror receiving valid acceptance of its shares which would result in Chai holding more than 50% of voting shares in the group on or before the closing date of Nov 25, 2020.
It added that the rationale behind the offer is to gain statutory control of AIM, and to participate as a controlling shareholder.
With AIM’s recent digitisation initiatives into new digital mobile and e-commerce applications, the group said Chai believes it has a high growth potential as the e-commerce and information and communications technology sectors are the beneficiaries for the new business environment amidst the ongoing Covid-19 pandemic.
Meanwhile, the offer share of 13 sen per share represents the last traded market price on Sept 30, 2020 which is a 17.5 sen or 57.38% discount to its last traded market price on Oct 28, 2020. It also implies a significant premium against the net assets of the AIM Group, with a price-to-book ratio of 1.65 times based on the unaudited consolidated net assets of AIM as at June 30.
In the notice, the offeror also stated that it intends to maintain the listing status of the counter and in the event that it does not comply with Bursa Malaysia’s public spread requirement he will explore options to rectify the shortfall.
