Prosper Trading To Make RM6.10-A-Share Takeover Offer For United Malacca
KUALA LUMPUR, Oct 12 (Bernama) -- Prosper Trading Sdn Bhd (PTSB) and its joint ultimate offerors will make a conditional mandatory take-over offer for the remaining 52.34 per cent stake in United Malacca Bhd (UMB) at RM6.10 per share to fulfil an outstanding takeover obligation dating back to September 2024.
UMB said in a filing with Bursa Malaysia that the offer covers 109.80 million shares not already held by the offeror, joint ultimate offerors and persons acting in concert (PACs).
The obligation arose on Sept 26, 2024, when their collective shareholdings in UMB rose to 33.70 per cent from 32.63 per cent, exceeding the 33 per cent threshold under takeover rules.
The increase followed share purchases by Tee Kim Tee @ Tee Ching Tee, Prosper Capital Holdings Sdn Bhd, Mergeboom (M) Sdn Bhd and Datin Seri Kalsom Ahmad.
However, the requisite mandatory take-over offer was not extended at the time of the trigger event, it said.
The issue was identified during a review of historical shareholdings carried out in conjunction with Prosper Trading’s acquisition of 28.18 million UMB shares, representing a 13.44 per cent stake, from Great Eastern Life Assurance (Malaysia) Bhd on Oct 12, 2026.
The shares were acquired for RM171.93 million, or RM6.10 per share.
Separately, the offeror and joint ultimate offerors would introduce a cash compensation scheme for eligible claimants who sold UMB shares during the period from Sept 26, 2024 to Oct 9, 2026.
Under the scheme, eligible claimants may receive the difference between RM6.10 per share and their selling price, provided the shares were sold below the offer price and the claims meet the scheme’s requirements.
The offer is conditional upon valid acceptances on or before the closing date (not less than 21 days from the posting date) that would raise the collective shareholdings of the offeror, joint ultimate offerors and PACs to more than 50 per cent of UMB’s voting shares or voting rights.
-- BERNAMA