KUALA LUMPUR (Sept 23): Karambunai Corp Bhd’s largest shareholder Tan Sri Dr Chen Lip Keong, who holds 73.41% stake in the company, intends to take Karambunai private in a deal worth an estimated RM184.67 million.
Karambunai told Bursa Malaysia in a filing today that it has received an unconditional voluntary takeover offer from UOB Kay Hian Securities (M) Sdn Bhd on behalf of Chen to acquire the remaining 1.54 billion shares or 26.59% interest in the company not already held by him, at a cash price of 11 sen per share. He is also offering 3 sen apiece for the remaining 523.5 million warrants, representing 51.57% of the outstanding warrants he does not hold.