KUALA LUMPUR, June 22 — Hextar Rubber Sdn Bhd and Hextar Global Bhd executive director Datuk Ong Choo Meng have collectively acquired a 20.63 per cent stake or 57.25 million shares in Rubberex Corporation (M) Bhd (Rubberex), at RM1.80 per share.

The parties had sealed the proposed deal with Seng Sheng Enterprise Sdn Bhd, Datuk Seri Chiau Beng Teik and Peh Lian Hwa.

Following the acquisition, the joint offerors’ collective equity interest in the company has increased to 139.22 million or approximately 50.18 per cent, from 81.97 million shares or 29.55 per cent previously, said Rubberex in a filing with Bursa Malaysia today.

It said the joint offerors are obliged to extend a mandatory takeover offer to acquire all the remaining 138.21 million Rubberex shares which are not already owned by them for a cash offer price of RM1.80 per share.

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“In order to ensure the continued listing of Rubberex on the Main Market of Bursa Securities, Rubberex must satisfy the public shareholding spread requirement that at least 25 per cent of its total listed shares are in the hands of public shareholders.

“Bursa Securities may accept a percentage lower than 25 per cent of the total number of listed shares (excluding treasury shares) if it is satisfied that such lower percentage is sufficient for a liquid market of such shares,” it added. — Bernama