Procurri

Private equity firm Novo Tellus' partial offer to acquire a 51 per cent stake in IT solutions provider Procurri at 36.5 cents per share has lapsed.

The offeror received valid acceptances of about 8.55 per cent of the total shares as at the closing date on Monday, which would bring its shareholding to just 37.37 per cent. Only 37.2 per cent of independent shareholders voted in favour of the deal, with the remaining voting against, short of the 50 per cent required to get the deal through.

Shareholders who have accepted the partial offer will get their shares returned.

THE BUSINESS TIMES

Samsung

Ms Hong Ra-hee, wife of the late Samsung group chairman Lee Kun-hee, boosted her fortune to more than US$7 billion (S$9.3 billion) after receiving billions of dollars in stocks in the much-awaited transfer of her husband's assets.

The 75-year-old inherited about 83 million shares in Samsung Electronics, making her the largest individual shareholder in the tech giant with a 2.3 per cent stake, according to a filing last week. She is the richest woman in South Korea with a net worth of US$7.4 billion as at Monday, according to the Bloomberg Billionaires Index.

BLOOMBERG

Malaysia Airlines

Malaysia Airlines said air travel demand will remain subdued and it expects a full recovery after the end of 2023, amid a resurgence in Covid-19 cases in many countries.

The flag carrier has cut more than 1,500 jobs and plans to reduce capacity further as part of the restructuring it began in October, chief executive Izham Ismail said yesterday, adding that the airline aims to transform into a global travel group.

Malaysia Airlines aims to have 83 aircraft in total by 2025, and the group looks to break even in 2023, Mr Izham said.

BLOOMBERG