KUALA LUMPUR: SHAREHOLDERS of Goh Ban Huat Bhd have received an unconditional mandatory takeover offer from Paragon Adventure Sdn Bhd.
Paragon Adventure has offered to buy each Goh Ban Huat share for RM1.40, which was a 2.1 per cent discount of its last traded price of RM1.43 on Tuesday.
The takeover offer came after tycoon Tan Sri Robert Tan Hua Choon sold his 51 per cent stake in the ceramic products company to Paragon Adventure for RM145.71 million.
Paragon Adventure said in a filing to Bursa Malaysia yesterday that the takeover offer included its warrants, which were priced at 40 sen a piece after having considered the exercise price of RM1 per warrant.
Paragon Adventure intends to maintain Goh Ban Huat’s listing status on Bursa Malaysia’s Main Market.
Paragon Adventure is owned by Datuk Seri Edwin Tan, who has 65 per cent stake, and Datuk Seri Godwin Tan, who has the remaining stake.
It is involved in property developments in Johor, including semi-detached factories “Bizhub Skudai 8”, Paragon Residences, Paragon Suites and the Paragon Private and International School which commenced operations in January.
For the first quarter ended June 30, Goh Ban Huat returned to the black, registering a net profit of RM445,000 against a net loss of RM715,000 a year ago. Revenue, however, more than halved to RM4.79 million from RM13.25 million.
As for the full-year ended March 31, its net profit improved to RM1.88 million from RM244,000 in the previous year. while revenue declined 29.58 per cent to RM37.35 million from RM53.04 million.
Goh Ban Huat is exploring options to grow its sanitaryware and tableware trading segment beyond the domestic market.