Two Lotus KFM officials launch takeover for MESB

TheStar Mon, Oct 12, 2020 04:44pm - 6 months ago

According to MESB's website, it trades in leather products through its subsidiary of Miroza Leather (M) Sdn Bhd.

KUALA LUMPUR: Two officials of Lotus KFM Bhd Wong Sak Kuan and Yau Ming Teck have launched a mandatory takeover offer for the remaining shares of MESB Bhd after they raised their combined stake to 44.14%.

They are offering 31.5 sen per MESB share and 1.5 sen per warrant, according to a filing to Bursa Malaysia on Monday. Wong is the vice chairman of Lotus KFM. Yau is a director of HLT Global Bhd and UMS-Neiken Group Bhd and he is also a director and substantial shareholder of Lotus-KFM.

They had on Monday acquired 29.48 million MESB shares or 27.79% for RM8.84mil or 30 sen per share from Angsana Inai Sdn Bhd, Konwa Industrial Sewing Machines (M) Sdn Bhd and Yew Kuok Yee.

Prior to the acquisition, they held 17.34 million MESB shares or 16.35% stake. After the acquisition, Wong owns 33.37% or 35.50 million MESB shares and Yau, 10.67% or 11.32 million shares.

At 31 sen, this is 1.5% below last Friday’s closing g price of 32 sen and 4.4% below the five day weighted average market price (VWAMP) of 32.9 sen but 7.1% above the one-month VWMAP price of 29.4 sen.

The offer period is for 21 days.

The offerors intend to maintain the listing status. They also do not intend to compulsorily acquire outstanding shares.

They have also confirmed they have sufficient financial resources to pay for the offer shares.

According to MESB's website, it trades in leather products such as ladies handbags, ladies small leather goods, gents bags, men's small leather goods and gents accessories through its subsidiary of Miroza Leather (M) Sdn Bhd ”Miroza”. Miroza owned the exclusive licence to design, source and market international brands such as Alain Delon and Pierre Cardin. Miroza also holds the Alain Delon distribution rights in Indonesia. In addition, Miroza has established its In-house brands, namely Giossardi and Giamax. Miroza operates a few boutiques and over 270 consignment retail counters throughout premier departmental store in Malaysia.

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