KUALA LUMPUR (May 13): Yee Lee Corp Bhd's counter saw active trading on Bursa Malaysia after major shareholders, which own a combined 89.94 per cent stake in the company, launched a second attempt to acquire the remaining shares.

At 12.30pm, its shares rose four sen to RM2.06 with 124,100 shares changing hands.

Yee Lee founder and executive chairman Datuk Lim A Heng, Datin Chua Shok Tim, Lim Ee Young and Langit Makmur Sdn Bhd (joint offerors) have announced their intentions to undertake an unconditional voluntary takeover offer to acquire the remaining 10.06 per cent or 19.3 million shares in Yee Lee for a cash offer price of RM2.06 per share.

The first takeover offer from Yee Lee was announced a year ago.

Public Investment Bank said the current takeover price is 11.5 per cent lower than the previous offer price of RM2.33, hence the shareholders might be reluctant to take up the offer.

"However, we opine that the current offer is fair, given that the offer is at a slight premium to our 12-month target price of RM1.96 (book value as at Dec 31, 2019 is RM3.38 per share).

"Furthermore, the trading volume of Yee Lee’s shares had been thin and this offer gives shareholders the opportunity to cash out," it said in a note.

Public Investment Bank said the joint offerors will only require a minimum of 0.06 per cent of Yee Lee’s shares to meet the 90 per cent threshold in order to trigger a compulsory acquisition.