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PETALIZING JAYA: Yee Lee Corp Bhd
The main shareholders, who hold a combined 89.94% stake in the company, have launched a voluntary acquisition to acquire the remaining shares at RM2.06 per share.
Yee Lee, who trades in edible oil, said in a filing with Bursa Malaysia that he had received the voluntary takeover offer from its CEO Datuk Lim A. Heng @ Lim Kok Cheong, Datin Chua Shok Tim @ Chua Siok Hoon, Lee Ee Young and Langit Makmur Sdn Bhd. Lim is also President of SPRITZER BHD.
They are offering to acquire the 10.06% interest in circulation comprising 19.27 million shares at RM2.06 each or RM39.7mil.
The RM2.06 offer price is 3% higher than the last RM2 negotiated price.
The offer is not conditional on any minimum level of acceptance of the shares in the offer, as the joint bidder now owns more than 50% of the voting shares in Yee Lee.
According to Yee Lee, the joint bidders do not intend to maintain the company’s listing status. They will not take any action to address any deficit in the public participation differential.
Yee Lee started his core business as an edible oil repairer in Malaysia in 1968. Since then, he has become a fully integrated manufacturer and distributor. Its units are involved in various sectors, such as the manufacturing, marketing and distribution of fast-moving consumer products, plantations and ecotourism.
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