Conditional takeover offer for Emas Kiara

KUALA LUMPUR: Emas Kiara Industries Bhd deputy executive chairman Wong Kong Foo and several parties have made a conditional takeover offer for the company at 45 sen a share. In a filing on Tuesday, Emas Kiara said Wong and persons acting in concert with him held a combined 48.77 per cent stake following several corporate exercises. Under the Malaysian Code on Takeover and Mergers, 2010, the offerors were obliged to undertake a conditional takeover offer to buy the remaining 40.27 per cent. At 45 sen, this was the highest price in the last six months and the board of directors of the company does not intend to seek an alternative offer, it said.