Gek Poh (Holdings) Sdn Bhd, the holding company and substantial shareholder of Malaysian Mosiacs Bhd, has proposed the company undertake a selective capital repayment exercise (SCR).
Malaysian Mosiacs said on Tuesday, July 13 it had received a letter from Gek Poh that the former undertake the SCR for shareholders, except Gek Poh, of proposed cash of RM2.30 per share.
"Gek Poh does not intend to maintain the listing status of Malaysian Mosiacs on Main Market of Bursa Malaysia Securities Bhd," it said.
At RM2.30, this is a premium of 30% and 41% over the five-day and three-month volume weighted average market price of Malaysian Mosiacs shares up to and including July 9 of RM1.77 and RM1.63 respectively.
Written by Joseph Chin
The Edge Malaysia
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