Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Dec 29): Yokohama Industries Bhd announced that its controlling shareholder HSG Investment Pte Ltd has signed an agreement, paving for the sale of its entire 62.16% stake or 53 million shares in the automotive batteries maker at RM1.70 each, at 32.8% premium to the stock’s previous closing price of RM1.28.

Based on Yokohama’s filing to Bursa Malaysia today, HSG had entered into a heads of agreement (HOA) with Fordington Pte Ltd to sell the stake. Yokohama’s board of directors also notified that the corporate exercise may trigger a potential obligation, upon Fordington to initiate a mandatory take-over offer.

The HOA will allow Fordington to conduct legal, corporate, tax, technical and financial due diligence on Yokohama until Jan 26, 2015, with an exclusivity period up to Feb 11 of 2015.

Yokohama’s share price has gain as much as 9% year-to-date, to close at RM1.28 last Friday (Dec 26), with a market capitalization of RM109.17 million.

      Print
      Text Size
      Share