KUALA LUMPUR (Sept 24): Karambunai Corp Bhd shares surged 29% this morning after its largest shareholder Tan Sri Dr Chen Lip Keong, who holds a 73.41% stake in the company, offered to take Karambunai private in a deal worth an estimated RM184.67 million.

At 9.21am, Karambunai rose 2.5 sen to 11 sen, valuing it at RM635.43 million.

Karambunai has received an unconditional voluntary takeover offer from UOB Kay Hian Securities (M) Sdn Bhd on behalf of Chen to acquire the remaining 1.54 billion shares or 26.59% interest in the company not already held by him, at a cash price of 11 sen per share. He is also offering 3 sen apiece for the remaining 523.5 million warrants, representing 51.57% of the outstanding warrants he does not hold.

The gaming tycoon, better known as founder of Hong Kong-listed NagaCorp Ltd, also has another indirect stake of 339.18 million or 5.87% in Karambunai held via FACB Industries Incorporated Bhd (FACBII), by virtue of him being a major shareholder of FACBII, who is the person acting in concert (PAC) with him in the offer.