Delisting offer of 30 cents apiece unveiled for Malacca Trust

LARGE shareholders of financial services firm Malacca Trust are teaming up in a bid to privatise the firm just two years after it listed here.

The exit offer of 30 cents per share is significantly higher than the 22-cent initial public offering price when the Indonesian company debuted on the Catalist in July 2011.

The offer has ben lodged by Beacon Peak Capital, whose investors include the family members of Malacca Trust's controlling shareholder and family members of the co-founders of some of Malacca Trust's operating units.

Malacca Trust chief executive Rudy Johansen is also a shareholder of Beacon Peak Capital.

Beacon Peak Capital bought 22.8 per cent of Malacca Trust in off-market trades last Wednesday.

It has enlisted other large shareholders to be concert parties and the group now owns 98.3 per cent of Malacca Trust.

Only 1.7 per cent of Malacca Trust, or 5.942 million shares, are in the public's hands.

Beacon Peak Capital cited the low trading liquidity of Malacca Trust shares and the compliance costs of maintaining the listed status as reasons for the exit offer.

Beacon Peak Capital also said it would "have more flexibility and would be in a better position to manage (Malacca Trust) and its growth through the exit offer, through various means including restructuring, effecting new initiatives and providing financial assistance".