Latest news with #CapitalMarketsandServicesAct
New Straits Times
04-08-2025
- Business
- New Straits Times
Kim Hin non-interested directors, adviser urge shareholders to reject takeover offer
KUALA LUMPUR: The non-interested directors and independent adviser to Kim Hin Industry Bhd have recommended shareholders reject the company's ongoing takeover offer, citing a significant undervaluation of its shares and the risk of delisting. In the latest Independent Advice Circular (IAC) dated Aug 4, NewParadigm Securities Sdn Bhd described the 85 sen per share offer by Kim Hin (Malaysia) Sdn Bhd and Chua Seng Huat as "not fair and not reasonable." The IAC was filed by Kim Hin to Bursa Malaysia in accordance with takeover rules. It contains the views of the independent adviser appointed to evaluate the offer on behalf of the company's minority shareholders. The advisory firm noted that the offer price represents a 72.6 per cent discount to the estimated revalued net asset value of RM3.10 per Kim Hin share and a 54.8 per cent discount to the company's unaudited net asset value of RM1.88 per share as at March 31, 2025. "We are of the opinion the offer is not fair considering the significant discount... notwithstanding the offer price is at a premium to the historical market prices of Kim Hin Shares," NewParadigm said in its evaluation. "Based on the above, NewParadigm is of the view that the offer is not reasonable," it added. The board's non-interested directors, Datuk Sim Kheng Boon, Kho Soon Kheng and Aw Tai Hui, said they concurred with the independent adviser's view. "The non-interested directors... recommend that the holders reject the offer," they said in the circular. The 85 sen per share cash offer was made to acquire all remaining shares not already held by the joint offerors. As at the latest practicable date, the joint offerors and persons acting in concert hold 63.78 per cent of Kim Hin shares. The offer is unconditional and remains open until Aug 15, with the potential for extension. Despite persistent losses, including seven consecutive years in the red up to the financial year ended 2024, the board pointed to underlying asset value and future restructuring potential as reasons to reject the offer. The IAC also noted that the offerors do not intend to maintain Kim Hin's listing status. If acceptances push their shareholding to 90 per cent or more, they intend to invoke compulsory acquisition provisions under the Capital Markets and Services Act. "Holders should take note that... the joint offerors will procure Kim Hin to take the requisite steps to withdraw its listing status from the official list," the circular said. Although the offer provides liquidity in an otherwise thinly traded stock, with average monthly turnover of just 0.04 per cent over the past two years, the board warned that shareholders should monitor market prices and weigh their options carefully. "Holders should also monitor the prevailing market prices of Kim Hin shares vis-a-vis the offer price before deciding whether to sell... or to accept the offer," the directors said. Shares of Kim Hin last traded at 85 sen prior to the issuance of the IAC.
The Star
04-07-2025
- Business
- The Star
Kim Hin shareholders launch 85 sen privatisation offer, plan delisting
PETALING JAYA: Kim Hin Industry Bhd 's controlling shareholders, Kim Hin (Malaysia) Sdn Bhd (KHSB) and Chua Seng Huat, have tabled a 85 sen a share unconditional voluntary take-over offer for the remaining 52.94 million shares or 37.75% stake in Kim Hin. The joint offers currently hold 87.3 million Kim Hin shares, representing 62.25% of the total issued shares. Kim Hin shares closed the week at 46 sen a piece. In a filing with Bursa Malaysia, Kim Hin noted the joint offerors do not intend to maintain the listing status of the company. In the event the joint offerors receive valid acceptance of not less than nine-tenths in the nominal value of the offer shares (excluding Kim Hin shares already held by the joint offerors and persons acting in concert with them as at the date of the Offer) on or before the closing date, they intend to invoke the provisions of subsection 222(1) of the Capital Markets and Services Act, 2007 to compulsorily acquire any outstanding offer shares.
The Sun
16-05-2025
- Business
- The Sun
SC charges former London Biscuits CEO with falsifying financial statement, corporate records
KUALA LUMPUR: The Securities Commission Malaysia (SC) today charged Datuk Seri Liew Yew Chung, former executive director and group chief executive officer of London Biscuits Berhad, in the Sessions Court here for furnishing a false financial statement to the stock exchange and falsifying records of a listed corporation. Based on a statement issued by the SC, Liew faced a total of 13 charges before Sessions Court Judge Azrul Darus and pleaded not guilty to all of them. On the first charge, Liew is accused of having caused the furnishing of a false financial statement to Bursa Malaysia Securities Berhad on Aug 30, 2019, an offence under Section 369(b)(B) of the Capital Markets and Services Act (CMSA) 2007. The charge relates to a false statement concerning London Biscuits Berhad's cumulative revenue amounting to RM285,985, which was contained in the company's third quarter financial report for the period ended June 30, 2019. By virtue of his position as a director and group CEO of London Biscuits Berhad at the material time, Liew is deemed to have committed the offence under Section 367(1) of the CMSA. Liew faces a maximum sentence of 10 years imprisonment and a fine not exceeding RM3 million, upon conviction. Separately, he was also charged with 12 counts under Section 368(1)(a) of the CMSA 2007 for instructing the creation of false sales transactions in the accounting records of London Biscuits Berhad between October 2018 and March 2019. The total value of the false transactions across all 12 charges amounts to RM2,354,430. Upon conviction, each charge carries a maximum penalty of 10 years imprisonment and a fine not exceeding RM1 million. The Sessions Court allowed bail at RM300,000 with two local sureties for all 13 charges. Liew was further ordered to surrender his passport to the court and to report to the SC's investigating officer twice a month.
The Sun
16-05-2025
- Business
- The Sun
Ex-CEO of London Biscuits faces 13 fraud charges
KUALA LUMPUR: The Securities Commission Malaysia (SC) today charged Datuk Seri Liew Yew Chung, former executive director and group chief executive officer of London Biscuits Berhad, in the Sessions Court here for furnishing a false financial statement to the stock exchange and falsifying records of a listed corporation. Based on a statement issued by the SC, Liew faced a total of 13 charges before Sessions Court Judge Azrul Darus and pleaded not guilty to all of them. On the first charge, Liew is accused of having caused the furnishing of a false financial statement to Bursa Malaysia Securities Berhad on Aug 30, 2019, an offence under Section 369(b)(B) of the Capital Markets and Services Act (CMSA) 2007. The charge relates to a false statement concerning London Biscuits Berhad's cumulative revenue amounting to RM285,985, which was contained in the company's third quarter financial report for the period ended June 30, 2019. By virtue of his position as a director and group CEO of London Biscuits Berhad at the material time, Liew is deemed to have committed the offence under Section 367(1) of the CMSA. Liew faces a maximum sentence of 10 years imprisonment and a fine not exceeding RM3 million, upon conviction. Separately, he was also charged with 12 counts under Section 368(1)(a) of the CMSA 2007 for instructing the creation of false sales transactions in the accounting records of London Biscuits Berhad between October 2018 and March 2019. The total value of the false transactions across all 12 charges amounts to RM2,354,430. Upon conviction, each charge carries a maximum penalty of 10 years imprisonment and a fine not exceeding RM1 million. The Sessions Court allowed bail at RM300,000 with two local sureties for all 13 charges. Liew was further ordered to surrender his passport to the court and to report to the SC's investigating officer twice a month.
