MIE owns 72.7% in Seremban Engineering at close of MGO

TheEdge Tue, Oct 15, 2019 08:34pm - 1 year ago

KUALA LUMPUR (Oct 15): Seremban Engineering Bhd’s (SEB) new controlling shareholder MIE Industrial Sdn Bhd has raised its stake in the company to 72.67% or 57.9 million shares, from 69.72%, after the close of a mandatory general offer (MGO).

According to a filing with Bursa Malaysia today, UOB Kay Hian Securities (M) Sdn Bhd, on behalf of MIE, said the company has acquired 2.35 million or 2.95% shares at 50 sen per share when the MGO, which commenced on Sept 24, closed at 5pm today.

It has also received acceptances for 0.02% or 14,600 shares under the offer, which are subject to verification, after the posting date and up to the closing date, said UOB.

The MGO was triggered after MIE inked two share sale agreements with Success Transformer Corp Bhd — who owned 65.26% in SEB at the time — as well as four other SEB shareholders, to acquire the 69.72% in SEB, comprising 55.55 million shares, for RM27.77 million or 50 sen apiece.

At the time, MIE said it intended to maintain SEB’s listing status on the Main Market of Bursa Malaysia.

Separately, SEB announced a slew of resignations from its board.

It said its chief executive officer See Boon Chun has resigned with immediate effect, citing other business commitments. He was appointed to the board on Dec 11, 2017. Prior to that, he was SEB's marketing director and deputy chief operating officer.

The company's non-independent and non-executive director Tan Ah Bah @ Tan Ah Ping, has also stepped down from his position, citing a similar reason. Tan is the the managing director of Success Transformer Corp Bhd (STC),  the former holding company of SEB, and sat on SEB's board as an STC representative.

Executive director Wong Wai Hung has also quit the board to focus on operaitonal matters. Wong was appointed as SEB executive director in 2015 and was later re-designated as chief operating officer cum executive director.

Shares of Seremban Engineering closed unchanged at 52.5 sen today, valuing the company at RM41.83 million. Year-to-date, the stock has climbed 162.5% from 20 sen.

Read also:
Seremban Engineering MGO deemed fair and reasonable by KAF IB
Seremban Engineering sees change of controlling shareholder, MGO triggered

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