PETALING JAYA: Encorp Bhd will remain listed as its takeover offeror Felda Investment Corp (FIC), the investment arm of Federal Land Development Authority, has only obtained 72.29% of the outstanding shares.
FIC had in June triggered an unconditional mandatory takeover offer for the acquisition of the remaining shares, warrants and loan stocks that it and the person acting in concert (PAC) with did not own in Encorp at RM1.55, 55 sen and RM1.55 a piece.
FIC and PAC now collectively hold 197,484,026 Encorp shares, 18,903,455 warrants and 8,695,400 loan stocks.
Maybank Investment Bank Bhd said in a statement that the offer ended yesterday. The filing with Bursa Malaysia stated: “Since the offeror has received acceptances under the offer resulting in the offeror and the PAC collectively holding less than 75% of the listed shares of Encorp (excluding all the treasury shares held by Encorp), the offeror intends to maintain the listing status of Encorp.”
StarBiz had quoted a source as saying in the event FIC does get more than 75% of acceptances, it could apply for an exemption from the regulators to keep the company listed.
FIC’s top management had intended to keep Encorp listed as its objective of taking over the company was to use it as a vehicle to tap the capital market for funds in order to expand its operations. In May, FIC acquired 49.45% of Encorp from Lavista Sdn Bhd and Pegang Impian Holdings Sdn Bhd.