KUALA LUMPUR: Trading in the shares of StemLife Bhd and The Store Corp Bhd will be suspended from Feb 10 following the decision to take the companies private.

StemLife is controlled by Singapore-listed Cordlife Group Ltd, which has increased its stake to 98.71%, according to a filing with Bursa Malaysia on Tuesday.

Cordlife has said it will not maintain the listing status of StemLife on Bursa’s ACE Market. Cordlife previously made a voluntary general offer at 57.5 sen per share for the remaining shares in StemLife which it did not already own.

The healthcare group had revised its offer price from 54 sen in November last year, which its independent adviser Mercury Securities Sdn Bhd had considered “fair and reasonable”.

StemLife’s share price closed unchanged at 57 sen yesterday.

Meanwhile, The Store’s shares will be suspended as its owner has decided not to maintain the group’s listing status on Bursa’s  Main Market.

Group managing director Tan Sri Tang Yeam Soon’s family vehicle TYS Consolidated Sdn Bhd controls 97.8% of The Store shares, according to an earlier filing with the local bourse.

On Dec 19 last year, Tang and his wife, executive director Puan Sri Khor Guik Lee, had — via TYS — made a mandatory general offer to acquire the remaining shares of The Store that they did not already own at RM3.52 per share.

This followed their acquisition of 9.5 million shares or a 13.88% stake in The Store for RM33.5 million or RM3.52 sen apiece on Nov 28.

The duo had bought the block from Nirvana Asia Ltd founder Tan Sri Kong Hon Kong, who had held the shares for less than a month after being offered the stake by Berjaya Group founder Tan Sri Vincent Tan.

On Dec 23, TYS raised its offer to RM3.70 a share.

The Store’s shares were last traded at RM3.61, giving it a market capitalisation of RM247.3 million.