25 April 2012
Navis Capital offered to acquire all remaining SEG International shares at RM 1.714, warrants at RM 1.214 each
Navis Capital Partners Ltd, which raised its shareholding in SEG International Bhd (SEGi) to 57.62%, has served a notice of unconditional takeover offer for the outstanding shares.
Navis Capital said on Wednesday it was offering to acquire all the remaining 25 sen shares of SEGi at RM1.714 cash per share and the warrants 2010/2015 at RM1.214 each.
"In relation to the offer, the board of directors of SEGi will upon its deliberation, announce whether it intends to seek an alternative person to make a take-over offer for the offer shares and offer warrants," it said.
The offer price for the shares was 4.78% below Wednesday's closing price of RM1.80 while the offer price for the warrants was 4.41% below the closing price of RM1.27.
The share offer price was at a price-to-earnings multiple of 12.15 times based on the audited consolidated basic earnings per share for FY ended Dec 31, 2011 of 14.11 sen. It was at a price-to-book multiple of 5.19 times based on the audited consolidated net asset per share as at Dec 31, 2011 of 33 sen.
SEGi said the offeror did not intend to maintain the listing status of SEGi.
On March 29 Navis Capital had acquired 114.80 million shares in SEGi or 21.53% at RM1.713 per share for RM196.63mil and 59.806 million warrants for RM72.484mil at RM1.212 per warrant.
On April 2, it acquired from Segmen Entiti Sdn Bhd 33.49 million shares or 6.28% for RM57.38mil or RM1.713 per share.
On the same day, it acquired from Datuk Chee Hong Leong 180,800 SEGi shares for RM309,168 and 1.25 million warrants for RM1.51mil.
On Wednesday, it acquired from founder and largest shareholder Datuk Seri Clement Hii Chii Kok 18 million warrants for RM21.78mil at RM1.21 per warrant.