Wing Tai shares to be suspended on Aug 17

TheEdge Thu, Aug 10, 2017 09:42pm - 6 years View Original


KUALA LUMPUR (Aug 10): Wing Tai Malaysia Bhd's shares will be suspended with effect from Aug 17, according to a Bursa Malaysia filing today.

This is in accordance to the Main Market listing requirements that says Bursa Malaysia will suspend trading of the securities of the listed issuer in relation to a takeover offer under the Take-Overs and Mergers Code, upon expiry of five market days from the close of the offer period, which was set to be on Aug 8.

In May, Wing Tai announced an unconditional voluntary takeover offer to acquire all of the group's shares not already owned by the joint offerors for a cash offer price of RM1.80 per share.

The joint offerors held 66.13% of Wing Tai at that time. Their shareholding has increased to 96.75% upon the completion of the takeover offer.

The group has two main businesses, namely property development and fashion retail. Its property developments are mainly in Kuala Lumpur and Penang, while its fashion business has a portfolio of 12 international fashion brands which are Topshop, Topman, Dorothy Perkins, Miss Selfridge, Warehouse, Karen Millen, Pumpkin Patch, Wallis, BCBG, Ben Sherman, Burton and Furla.

Wing Tai's share price today closed down 2.22% or 4 sen at RM1.76 for a market capitalisation of RM836.54 million.

 

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