KUALA LUMPUR (June 3): Yee Lee Corp Bhd, which has received a voluntary general offer from its founder and executive chairman Datuk Lim Ah Heng @ Lim Kok Cheong and several joint offerors, said the offer has turned mandatory after one of the offerors upped its stake to beyond the 33% threshold.

In a stock exchange filing, Yee Lee said Langit Makmur Sdn Bhd had acquired 463,000 new Yee Lee shares from the open market at the offer price of RM2.06 per share, thus raising its stake from 32.99% to 33.23%, triggering the change of the offer to a mandatory one.

Langit Makmur is a special-purpose vehicle incorporated by Singapore-based Dymon Asia Private Equity (SE Asia) Fund II Pte Ltd, and one of the joint offerors in the takeover bid that also includes Lim's wife Datin Chua Shok Tim @ Chua Siok Hoon, and his son, Yee Lee executive director and group managing director Lim Ee Young.

“In view of the above, the present unconditional voluntary take-over offer has become an unconditional mandatory take-over offer in accordance with Note 14 to Paragraph 4.01 of the Rules,” the filing read.

The offer was made on May 12 by Lim and the joint offerors, who collectively held an 89.94% stake in the company then, to acquire the remaining 19.27 million shares that were equivalent to a 10.06% stake in Yee Lee.

This was the second attempt of the parties to take the company private, after the initial offer last year did not materialise as the joint offerors were unable to garner enough acceptance for the voluntary general offer at RM2.33 per share.

The current offer price of RM2.06 per share, which is the group’s current share price, represents an 11.5% discount to its previous offer price.

Other than the offer becoming an MGO, the group said all other terms and conditions of the offer as set out in the offer document remain unchanged. For the avoidance of doubt, the MGO will continue to be undertaken on a joint basis by the joint offerors, it added.

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Yee Lee’s offerors make another takeover bid after 10 months, lower offer price to RM2.06