Chin Hin ups stake in Signature International to 72.18% at close of MGO

• The mandatory takeover offer was triggered after Chin Hin acquired a 4.77% stake in SIB, which brought Chin Hin’s holdings in SIB, together with persons acting in concerts (PACs) with it, to 33.49%.

KUALA LUMPUR (May 10): At the close of Chin Hin Group Bhd's (KL:CHINHIN) mandatory takeover offer (MGO) for all the remaining stakes in Signature International Bhd (SIB) (KL:SIGN), Chin Hin received acceptances for over 245.53 million shares, or the equivalent of a 38.69% stake.

Consequently, the home-grown building materials specialist's shareholding in SIB has been raised to 458.12 million shares or 72.18%, from 212.59 million shares or 33.49% (as of posting date of April 19), according to its filing with the stock exchange on Friday.

On March 29, Chin Hin said it is acquiring all remaining shares it does not own in the kitchen cabinet manufacturer, at 84 sen per share.

The mandatory takeover offer was triggered after Chin Hin acquired a 4.77% stake in SIB, which brought Chin Hin’s holdings in SIB, together with persons acting in concerts (PACs) with it, to 33.49%.

The offer was conditional on Chin Hin obtaining at least 50% of the voting shares in SIB.

Chin Hin had said it intended to maintain SIB’s listing status post-MGO.

Shares in Chin Hin settled two sen or 0.6% lower at RM3.10 on Friday, valuing the group at RM11 billion. SIB closed five sen or 3.4% lower at 1.44 sen, for a market capitalisation of some RM929 million.

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