Only minor rise in Pesona Metro's major shareholders' stake after takeover offer closes; group bags RM349 mil construction job

• Pesona Metro said its wholly owned subsidiary Pesona Metro Sdn Bhd has secured a contract from property developer Land Market Sdn Bhd to build a two-block 44-storey condominium in Mon't Kiara, Kuala Lumpur.

KUALA LUMPUR (Jan 11): Pesona Metro Holdings Bhd’s major shareholders’ stake in the construction group rose marginally to 60% after the close of their mandatory takeover offer.

Only 38,410 shares or 0.01% of the group’s total share base were sold to the offerors, namely Pesona Metro non-executive director Wie Hock Kiong, his younger brother Wie Hock Beng and Kombinasi Emas Sdn Bhd, according to a Pesona Metro’s Bursa Malaysia filing on Wednesday (Jan 11).

This raised the offerors’ shareholding in the group to 416.99 million shares (60% stake) from 416.95 million shares (59.99% stake).

Hock Kiong had in the offer notice shared his intent to maintain Pesona Metro’s listing status.

The mandatory takeover offer was triggered after Hock Kiong acquired an 80% stake in Kombinasi Emas from Hock Beng, who is also the managing director of Pesona Metro, for RM18.09 million.

Kombinasi Emas, which then became wholly owned by Hock Kiong, held a 41.54% stake in Pesona Metro as at Nov 17.

In a separate filing, Pesona Metro said its wholly owned subsidiary Pesona Metro Sdn Bhd has secured a contract from property developer Land Market Sdn Bhd to build a two-block 44-storey condominium in Mon't Kiara, Kuala Lumpur.

“The project is for a duration of 36 months commencing from Feb 8, 2023,” the group noted.

Pesona Metro said the contract is expected to contribute positively to its earnings and net assets for the duration of the project.

Shares in Pesona Metro ended half a sen or 1.92% higher at 26.5 sen, giving the group a market capitalisation of RM180.63 million.