Details Published on Friday, 08 August 2014 10:05
Singapore billionaire Peter Lim Eng Hock has launched a mandatory general offer for TMC Life Sciences Bhd at 48 sen per share. Pic: The Edge DailySingapore billionaire Peter Lim Eng Hock has launched a mandatory takeover offer (MGO) for TMC Life Sciences Bhd at 48 sen per share after buying over Tan Sri Vincent Tan's equity interest in the medical group.
In a filing with Bursa Malaysia yesterday, TMC announced that it had received a notice of takeover offer from Lim and his wholly-owned investment vehicles, Sasteria (M) Pte Ltd (SAS Malaysia) and Gilberta Investments Ltd (GIL) for the remaining 40.76% of TMC shares he does not own at 48 sen per share for RM156.98 million cash.
The mandatory offer was triggered when SAS Malaysia acquired 213.84 million shares – which represented 26.65% of the issued and paid-up share capital of TMC – at 10 sen each yesterday from Juara Sejati Sdn Bhd, BL Capital Sdn Bhd, Selat Makmur Sdn Bhd, Teras Mewah Sdn Bhd and Inter-Pacific Capital Sdn Bhd, all of which are related to Tan.
As GIL held 261.47 million TMC shares, or 32.59% of the issued and paid-up share capital of TMC, as at July 30, 2014, this brings Lim's total shareholding to 59.24%.
GIL also holds 130.73 million three-year 2011/2014 issued TMC warrants, or 32.59% of its total outstanding warrants, which Lim is also offering to buy at eight sen per offer warrant or RM21.64 million cash.
The offer will remain open for acceptances until 5pm, not less than 21 days from the date of the notice. It is not conditional upon any minimum level of acceptances of the offer shares.
A separate TMC filing showed that Tan had disposed of another 2.07 million shares of TMC on the open market yesterday, paring down his stake in the company to 260.03 million shares.
Meanwhile, in the takeover notice to TMC, Lim said he intends to maintain the listing status of TMC on the Main Market of Bursa Malaysia.
"The board will hold an emergency meeting to deliberate the offer and will make an announcement in due course," said TMC, whose flagship hospital is the Topicana Medical Centre.
Lim has extensive interests in a wide range of industries, including healthcare, real estate, automotive, fashion, food and beverage, as well as education.
He was once known as the "Remisier King" in Singapore and was ranked by Forbes as the 10th richest man in Singapore last year with a fortune of US$2.05 billion (RM6.58 billion).
Lim bought a 29.6% stake in TMC in 2010 via GIL when TMC founder Colin Lee Soon Soo sold all his 120.4 million shares in the company to Lim.
Lee's brother, Lee Soon Swee, had also disposed of his 29.2 million shares to the Singapore billionaire.
TMC's net profit nearly tripled to RM2.68 million in the fourth quarter ended May 31, 2014 from RM923,000 in the previous corresponding period.
Revenue was 17.7% higher at RM24.22 million from RM20.57 million a year ago.
TMC closed at 46.5 sen yesterday, up 19.2% from 39 sen two months ago.
– The Edge Daily