KUALA LUMPUR (Aug 15): Datuk Mohd Abdul Karim Abdullah (pictured), founder and group managing director of Serba Dinamik Holdings Bhd, has launched a mandatory general offer (MGO) to buy over minority shareholders' stake in Sarawak Consolidated Industries Bhd (SCIB) for RM1.10 a share.

This means Abdul Karim will need to fork out RM48.53 million for the remaining SCIB shares he does not own.

Abdul Karim's offer values SCIB at RM94.47 million.

The RM1.10 offer price represents a 2.8% premium against SCIB's share price before it was suspended from 2.52pm today to make way for the announcement. The stock closed unchanged at RM1.07, with 49,100 shares done, bringing a market capitalisation of RM91.89 million.

The MGO was triggered after Abdul Karim acquired a 20.31% block of SCIB shares from several shareholders of SCIB for RM19.19 million or RM1.10 per share that raised his stake in the target company to 42.84%.