Techfast gets takeover notice at 26 sen per share

KUCHING: ACE Market listed Techfast Holdings Bhd (Techfast) has received a takeover notice from Wong SK Holdings Sdn Bhd (Wong SK) for a takeover exercise to acquire all ordinary shares of 10 sen each for 26 sen per share.

The company in a filing to Bursa Malaysia yesterday said it has been given a notice of conditional voluntary take-over offer from Wong SK which in turn Datuk Wong Shee Kai, is a major shareholder and the ultimate offeror for the take-over offer exercise.Techfast said Wong holds 99.99 per cent equity stakes in the paid-up share capital of Wong SK.

The company added the persons acting in concert with the offeror, Wong SK in accordance to Section 216 of the Capital Market Services Act 2007 (CMSA 2007) are Wong, being a director and controlling shareholder of Wong SK and Teh Sew Wan, who is the mother of Wong and a director and shareholder of Wong SK.

Techfast revealed that as at May 15, 2014, the offeror holds 22.09 million Techfast shares representing 14.45 per cent of the issued and paid-up share capital of Techfast.

Meanwhile, the company observed that Wong being an entrepreneur and investor is also the largest major shareholder of Bright Packaging Industry Bhd and Asia Media Group Bhd through his shareholdings in Wong SK. As for the takeover, the company said it is the intention of the offeror to maintain the listing status of Techfast on Bursa Malaysia.

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