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Serba Dinamik CEO makes takeover offer for Kumpulan Powernet at RM1/share

KUALA LUMPUR (Oct 2): Serba Dinamik Holdings Bhd group managing director and CEO Datuk Dr Mohd Abdul Karim Abdullah (offeror) has made a takeover offer to buy the remaining shares in Kumpulan Powernet Bhd (KPB) at RM1 each.

In a filing with Bursa Malaysia today, warp-knitted fabric manufacturer KPB said it received the notice of conditional mandatory takeover offer from RHB Investment Bank Bhd, which is representing Mohd Abdul Karim (pictured).

“The (KPB) board will hold a board meeting to deliberate the offer and make an announcement in due course,” said KPB, which had attached the takeover offer notice with the Bursa filing.

In the notice, RHB said Mohd Abdul Karim and persons acting in concert already owned approximately 46.81% stake representing 35.64 million shares in KPB.

According to RHB, the offeror intends to maintain the listing status of KPB on the Main Market of Bursa.

KPB said in a separate bourse filing that its share trade was halted between 2:30pm and 3:30pm today in conjunction with the takeover offer announcement. At 3:33pm, KPB’s share price rose 6.5 sen or 7% to 98.5 sen.

Based on KPB’s issued base of 76.15 million shares, the RM1 offer values KPB at RM76.15 million.