KUALA LUMPUR: Johor-based property developer Linbaq Holding Sdn Bhd ‘s CEO Datuk Wira Ling Kah Chok has launched a mandatory offer to acquire all shares in Milux at 80 sen a piece.
The offer valued the loss-making kitchen and electrical appliances maker at RM43.5mil.
Ling, 38, is obliged to extend his offer after his company Topspike Holdings Sdn Bhd and Asia New Venture Capital Holdings Sdn Bhd (ANVC) bought on Friday a combined 46.83% stake in Milux via direct business transactions.
Shares in Milux, which made a net loss of RM2mil on revenue of RM77.6mil in 2018, were last traded at 80 sen on Friday.
“The joint offerors intend to maintain the listing status of Milux,” Aminvestment Bank Bhd said on behalf of Topspike and ANVC.
Ling, the chief executive officer of Linbaq Holding Sdn Bhd, has a 50%+1 share equity interest in Topspike, while entrepreneur Gan Boon Lay owns the rest.
Linbaq is a property developer with mixed development projects in Iskandar Malaysia, Johor.
The filing today showed Topspike has a 29.78% stake in Milux, with ANVC at 17.05%.
ANVC is a wholly owned subsidiary of Labuan-based Asia Capital Fund Ltd, a private fund company.
Source: The Star Online