Scanwolf Corporation Receives Mandatory Take-over Offer

KUALA LUMPUR, Jan 20 (Bernama) -- Scanwolf Corporation Bhd has received a notice of conditional mandatory take-over offer from Maybank Investment Bank Bhd on behalf of the Mighty Alliance Sdn Bhd (MASB) (offeror) to acquire all the remaining ordinary shares not already owned by the offeror, joint ultimate offerors and persons acting in concert with them (PACs).

This also involves the acquisition of new Scanwolf shares that may be issued and allotted prior to the closing date of the offer, the company said in a filing with Bursa Malaysia here today.

The joint offerors are Seah Ley Hong, Datuk Seri Wong Sze Chien, Datuk Seri Azlan Azmi and Datuk Seri Andrew Lim Eng Guan.

According to Scanwolf, the offeror will pay holders 54 sen cash for each ordinary share; 18 sen for each offer of irredeemable convertible unsecured loan stocks (ICULS) and 24 sen for each offer warrant.

The mandatory take-over was triggered after MASB acquired a 34.38 per cent equity interest in Scanwolf Corporation for a total of RM37.7 million cash.

According to Maybank Investment Bank notice to Scanwolf, MASB has purchased a total of 59.912 million ordinary shares in Scanwolf from Esfinity Sdn Bhd, Seah Ley Hong, Armani Synergy Sdn Bhd and PEG Capital Sdn Bhd for RM32.35 million.

“Simultaneous with the acquisitions, the offeror also acquired 9,896,800 Scanwolf shares via a direct business transaction from Lim Nyuk Sang @ Freddy Lim.

“The transaction represents approximately 4.87 per cent equity interest in Scanwolf for RM5.34 million, or 54 sen per Scanwolf share,” said the investment bank.

Upon completion of the acquisitions, the direct shareholding of MASB in Scanwolf will increase from nil to 69,808,420 Scanwolf shares, representing about 34.38 per cent equity interest in Scanwolf and the collective shareholding of the offeror, joint ultimate offerors and the PACs will increase from 54,647,510 Scanwolf shares, representing about 26.91  per cent equity interest in Scanwolf to 80,544,310 Scanwolf Shares, representing about 39.66 per cent equity interest in Scanwolf.

The investment bank said the offeror intends to maintain Scanwolf’s listing on the Main Market of Bursa Malaysia.

Scanwolf is involved in the manufacture of plastics extrusion products, vinyl tiles and property development. 

-- BERNAMA