SINGAPORE - Singapore-listed developer and lifestyle group Wing Tai Holdings announced on Tuesday (May 23) an RM290.7 million (S$93.9 million) offer to take its Malalysian counterpart private.
Wing Tai and Wing Tai Investment & Development (WITD) made an unconditional voluntary takeover offer for all the issued ordinary shares of Wing Tai Malaysia Berhad (WTM) they do not already own at a cash offer price of RM1.80 per share, the company said in a filing with the Singapore Exchange.
Wing Tai and WITD already own approximately 66.13 per cent of WTM shares. Their offer is not subject to any minimum level of acceptances. The acquisition will be funded by Wing Tai's internal cash resources.
WTM shares closed up one sen at RM1.18 on Monday, giving it a market value of RM560.87 million.
Wing Tai said its offer for its Malaysian counterpart would allow the group to further integrate their financial and operational resources which should result in costs saving and achieve better operational efficiencies.
It said the successful de-listing and full ownership of WTM will also give it "greater flexibility to facilitate ease of review and execution of any restructuring plan for WTM and its subsidiaries."
WTM has two main businesses, namely property development and fashion retail, The Edge reported. Its property developments are mainly in Kuala Lumpur and Penang, while its fashion business comprises 12 international fashion brands, namely Topshop, Topman, Dorothy Perkins, Miss Selfridge, Warehouse, Karen Millen, Pumpkin Patch, Wallis, BCBG, Ben Sherman, Burton and Furla.
As at June 30 last year, the group has 85 retail outlets in major cities across Malaysia, said The Edge.
WTM also owns a 45-per cent stake in a joint venture with Japan's Fast Retailing, which operates Uniqlo outlets in Malaysia.