Ancom Nylex moves to take full control of delisted Nylex through capital reduction plan
KUALA LUMPUR, June 7 — Ancom Nylex Bhd is seeking to take full ownership of its former subsidiary, Nylex (M) Bhd, following the latter's delisting from Bursa Malaysia in March this year.
According to The Edge, the proposal involves a selective capital reduction and repayment exercise, with entitled shareholders set to receive a total capital repayment of RM5.3 million, or 5.1 sen per share, in cash. The exercise is to be carried out by Ancom Nylex and its wholly owned unit, Rhodemark Development Sdn Bhd.
The two entities, which currently control 42.21 per cent of Nylex, will become the sole shareholders upon completing the plan.
The offer price of 5.1 sen per share for the remaining 103.89 million shares, representing a 57.79 per cent stake, is based on Nylex's net assets of RM16.96 million, minus deferred tax assets of RM7.79 million, divided by its share base of 179.79 million shares.
According to the report, in a letter of offer issued yesterday, Ancom Nylex and Rhodemark said the proposed capital reduction exercise would be funded through Nylex's internal funds.
Several persons acting in concert (PACs), who collectively own a 0.33 per cent stake in Nylex, are also participating as entitled shareholders. The PACs include Datuk Siew Ka Wei and his family, Tan Sri Mohamad Fuzi Harun, Low Huoi Seong, Rizainal Mustaffa, and Asmariah Ismail.
Siew, who serves as Nylex's group managing director and is also the executive vice chairman of Ancom Nylex, is among its major shareholders.
Ancom Nylex and Rhodemark explained that consolidating full control of Nylex would provide them with greater flexibility in determining the company's business direction, The Edge reported.
They also noted that the plan offers entitled shareholders a timely opportunity to realise their investments.
As of the end of May, Nylex had 12,145 shareholders.
Nylex was delisted on March 11 after failing to secure an extension to submit its regularisation plan. It had been classified as a Practice Note 17 (PN17) company following the divestment of all its assets and liabilities to Ancom Nylex, then known as Ancom Bhd, in January 2022. The RM179.3 million deal was a mix of cash and shares.
Shares in Ancom Nylex closed at 95 sen yesterday, up half a sen or 0.53 per cent, giving the company a market capitalisation of RM1.11 billion.
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