KUALA LUMPUR, Jan 18 — CIMB Equities Research said it has ended the coverage of Hovid Bhd after the conditions for the voluntary takeover offer by joint offerers Ho Sue San and Fajar Astoria Sdn Bhd were met.
The joint offerers had stated their intention to delist Hovid in a privatisation drive.
“Our previous forecasts, valuations and recommendations should no longer be relied upon for further investment decisions. Our last recommendation was a Hold,” it said today.
Hovid previously announced that its controlling shareholder, David Ho Sue San, together with Fajar Astoria Sdn Bhd had on October 9, 2017 offered to acquire all outstanding shares (66.3 per cent) and warrants (56.4 per cent) not held by either.
They offered to buy each share and warrant at 38 sen and 20 sen, respectively.
Hovid’s public shareholding spread had, as a result, dipped below the minimum 25 per cent public shareholding spread.
