PETALING JAYA: The Tang family has crossed the 94% shareholding level that allows it to take private the country’s oldest existing supermarket chain operator, The Store Corp Bhd (TSCB).

In an announcement to Bursa Malaysia, TSCB said the family’s takeover vehicle, TYS Consolidated Sdn Bhd, had received valid acceptances, as at 5pm on Wednesday, that raised its shareholding to 94.37% of TSCB’s issued and paid-up capital.

(The closing date of the offer remains at 5pm next Tuesday, which TYS does not plan to extend.)

TSCB said it received a notice from Hong Leong Investment Bank that TYS had received valid acceptances resulting in it holding not less than nine-tenths in the nominal value of the offer shares (excluding the ordinary RM1 shares in TSCB already held by TYS and persons acting in concert).

TYS will invoke within two months the provisions of the Capital Markets and Services Act 2007, subject to section 224 of the Act, to compulsorily buy all the remaining shares for which acceptances have not been received under the offer.

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