Tony Tiah receives acceptances for 90% of TA Enterprise shares

KUALA LUMPUR (Feb 17): Datuk Tony Tiah (pictured) has received valid acceptances for 2.25 billion TA Enterprise Bhd shares as of yesterday, representing 90.04% of the group’s total share base.

Accordingly, as the offeror and persons acting in concert hold no less than 9/10 of the shares in the company, Bursa Securities will suspend the trading of TA Enterprise, starting March 15. 

“As set out in Section 4.1 of the offer document, the offeror does not intend to maintain the listing status of TA Enterprise on the Main Market of Bursa Securities.

“Accordingly, the offeror will procure TA Enterprise to take the requisite steps to withdraw its listing status from the official list, in accordance with Paragraph 16.07 of the Listing Requirements,” said the group in a bourse filing.

The offeror will also issue a notice informing the dissenting shareholders within one month from Feb 16, that these shareholders may exercise their rights by serving a notice on the offeror to acquire their TA Enterprise shares on the same terms as set out in the offer document.

The offer will remain open for acceptances until March 5.

Upon the delisting of TA Enterprise, its shares will no longer be traded on the Main Market and therefore, the holders who continue to hold the shares will not be able to trade them on Bursa Securities, the group said.

The takeover by Tiah was previously extended to March 5, following the lapse of the initial deadline of Jan 25.

On Dec 15 last year, Tiah announced he would acquire all remaining shares in TA Enterprise at an offer price of 65.5 sen.

The independent advisor to the offer — DWA Advisory Sdn Bhd — said the unconditional mandatory takeover offer on TA Enterprise by the major shareholder is viewed as not fair but reasonable, and shareholders are recommended to accept the offer.

TA Enterprise’s share price closed unchanged at 65 sen yesterday, giving it a market capitalisation of RM1.62 billion.

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