Update - HELP gets takeover offer at RM2.53/share from ex-owner of Southern Bank

KUALA LUMPUR (Dec 5): HELP International Corporation Bhd announced that it has received a take-over offer dated today from Better Education Enterprise Sdn Bhd (BEE) to acquire all the shares in HELP for a cash offer price of RM2.53 per share.

Separately, Selangor Properties Bhd, which holds 72,442,222 HELP’s shares representing 51% of all issued and paid-up share capital of HELP, also made the same announcement.

The offeror was incorporated in Malaysia under the Companies Act 1965 on 28 November 2013 as a private limited company under its present name.

It is an entity which forms part of the Southern Capital Group, owned by Tan Sri Tan Teong Hean. Tan was CEO and major shareholder of Southern Bank Berhad from 1983 until 2006 before the bank was sold.

HELP said its board has deliberated on the takeover notice and does not intend to seek an alternate proposal to make a take-over offer for the offer shares.

Written by Ho Wah Foon of theedgemalaysia.com