Asset Acquisitions and Disposals::Voluntary Unconditional Cash Offer for Wing Tai Malaysia Berhad - Closing of Offer
Issuer & Securities
WING TAI HOLDINGS LIMITED
WING TAI HLDGS LTD - SG1K66001688 - W05
Asset Acquisitions and Disposals
Date &Time of Broadcast
Announcement Sub Title
Voluntary Unconditional Cash Offer for Wing Tai Malaysia Berhad - Closing of Offer
Submitted By (Co./ Ind. Name)
Ooi Siew Poh
Description (Please provide a detailed description of the event in the box below)
Wing Tai Holdings Limited (the "Company") wishes to update shareholders on the voluntary unconditional cash offer (the "Offer") for Wing Tai Malaysia Berhad ("WTM") by the Company and Wing Tai Investment & Development Pte Ltd (collectively referred to as "Joint Offerors"). On 8 August 2017, Maybank Investment Bank Berhad had, on behalf of the Joint Offerors, issued a press notice in relation to the close of Offer at 5.00 p.m. (Malaysian time) on 8 August 2017 ("Final Closing Date").
On the Final Closing Date, based on valid acceptances, the Joint Offerors collectively hold 459,863,246 WTM Shares, representing approximately 96.75% of the voting shares in WTM. As the Joint Offerors have received valid acceptances in respect of the Offer Shares of not less than nine-tenths (9/10) in the value of the Offer Shares (excluding WTM Shares already held at the date of the Offer by the persons acting in concert with the Joint Offerors) on the Final Closing Date, the Joint Offerors will within 2 months from the date of the press notice, invoke the provisions of Section 222 of the Capital Markets and Services Act, 2007 ("CMSA") (subject to Section 224 of the CMSA) to compulsorily acquire any outstanding Offer Shares for which valid acceptances have not been received under the Offer.
The Joint Offerors intend to issue the notice of Section 222 of the CMSA after the suspension of trading in WTM Shares immediately upon the expiry of 5 Market Days after the Final Closing Date, in accordance with Paragraph 16.02(3) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities"). The necessary steps to withdraw the listing status of WTM from the Official List of Bursa Securities in accordance with Paragraph 16.07 of the Listing Requirements will also be undertaken.
A copy of the press notice in relation to the above and the level of acceptances of the Offer as at 5.00 p.m. (Malaysian time) on 8 August 2017 is attached.
Total size =1511K