In a late statement to Bursa Malaysia, Jerneh Asia said that it received a letter from AmInvestment Bank Bhd on behalf of Kuok Brothers, offering to buy the shares not controlled by them in the insurance company.
The Kuok Brothers are offering RM1.45 apiece for the shares it does not own, and 45 sen a piece for the Jerneh Asia warrants.
The offer is a very small premium to Jerneh Asia's last traded price. Jerneh Asia's mother share closed at RM1.36, while the warrants closed at 40 sen apiece.
In July, Jerneh Asia shareholders had received a RM1.81 net dividend. The dividend was part of the proceeds the company received after selling Jerneh Insurance Bhd for about RM600 million to the ACE INA International Holdings Ltd.
If the Kuok Brothers' takeover offer is successful, it does not plan to maintain the listing status of Jerneh Asia, the offer letter said.
As such, the company in tends to provide an early "window of opportunity" for the remaining shareholders to exit now, as previously the stakeholders were waiting on the Sagajuta deal, and a second dividend payment.
The Kuok Brothers' offer comes at a time when many of the country's best companies are also takeover targets.
Among the companies which received takeover offers in the past three months are SP Setia Bhd, Hirotako Holdings Bhd, DXN Holdings Bhd, Sindora Bhd and Aikbee Resources Bhd.
Read more: Kuok makes offer for Jerneh Asia http://www.btimes.com.my/Current_News/BTIMES/articles/Robi/Article/index_html#ixzz1cPVT3wFR
The Kuok Brothers are offering RM1.45 apiece for the shares it does not own, and 45 sen a piece for the Jerneh Asia warrants.
The offer is a very small premium to Jerneh Asia's last traded price. Jerneh Asia's mother share closed at RM1.36, while the warrants closed at 40 sen apiece.
In July, Jerneh Asia shareholders had received a RM1.81 net dividend. The dividend was part of the proceeds the company received after selling Jerneh Insurance Bhd for about RM600 million to the ACE INA International Holdings Ltd.
If the Kuok Brothers' takeover offer is successful, it does not plan to maintain the listing status of Jerneh Asia, the offer letter said.
As such, the company in tends to provide an early "window of opportunity" for the remaining shareholders to exit now, as previously the stakeholders were waiting on the Sagajuta deal, and a second dividend payment.
The Kuok Brothers' offer comes at a time when many of the country's best companies are also takeover targets.
Among the companies which received takeover offers in the past three months are SP Setia Bhd, Hirotako Holdings Bhd, DXN Holdings Bhd, Sindora Bhd and Aikbee Resources Bhd.
Read more: Kuok makes offer for Jerneh Asia http://www.btimes.com.my/Current_News/BTIMES/articles/Robi/Article/index_html#ixzz1cPVT3wFR
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