GBH takeover proposal submitted to Securities Commission
Filed Under (Business News) by Webmaster on 28-07-2009
Tagged Under : GBH, SC, takeover, Tan Sri Rober Tan Hua Choon
The AmInvestment Bank Bhd report on Goh Ban Huat Bhd (GBH), which is facing an unfriendly takeover bid by major shareholder Tan Sri Robert Tan Hua Choon, has been submitted for approval to the Securities Commission (SC).
GBH group managing director Tony Goh, whose family founded the company, told StarBiz yesterday the report had been submitted for approval and would be made known as soon as the SC approved it.
Goh’s family is the third-largest shareholder in the company with a 15.94% stake held through Ceramtec Sdn Bhd while Lembaga Tabung Angkatan Tentera is the second-largest shareholder with a 18.19% stake.
The independent advisor’s report was originally supposed to be ready on July 25. Goh did not give any reasons for the delay.
A mandatory general offer was triggered by Tan after his stake was raised to 33.11% on July 2.
He offered to acquire the rest of the shares in GBH for RM1.25 per share, which was substantially lower than its net tangible asset (NTA) of RM2.54 per share.
Meanwhile, Minority Shareholder Watchdog Group chief executive officer Rita Benoy Bushon said minority shareholders should look at the facts on the ground where the offer price was concerned.
“My advice is, based on the current NTA per share and the prevailing share price that is above the offer price, shareholders should not accept the offer and wait for the report to be made available,” she said when contacted.
GBH’s shares closed at RM1.35 yesterday.
StarBizWeek, in an earlier story quoting market observers, said should Tan not be able to acquire more shares through a general offer to more than 50%, a boardroom coup was the other likely outcome.
