QL’s takeover offer for Boilermech shares extended to Jan 29

KUALA LUMPUR (Jan 12): QL Resources Bhd’s take-over offer for shares it does not own in Boilermech Holdings Bhd has been extended to Jan 29.

The extension was announced in separate filings to Bursa Malaysia by the two companies today.

The initial deadline for the conditional mandatory general takeover offer at 95 sen per share was Jan 14.

QL had launched the takeover on Dec 4, after it had entered into an unconditional share acquisition agreement with Leong Yew Cheong — Boilermech’s managing director — to buy 20.64 million shares, representing 4% equity interest for a total cash consideration of RM19.61 million or 95 sen per share.

At the time, QL said the offer was deemed as a technical general take-over offer, and that it intended to maintain the listing status of Boilermech.

QL currently controls a 48.41% stake or 249.79 million shares in Boilermech.

QL closed one sen or 0.17% lower at RM6 today, valuing the company at RM14.60 billion. The counter saw 952,500 shares traded,

Boilermech, meanwhile, fell one sen or 1.04% lower at 95.5 sen, with a market capitalisation of RM492.78 million. Its trading volume today was 2.42 million shares.

Source: TheEdgeMarkets