Rex Industry gets conditional takeover offer of RM26.81mil

KUALA LUMPUR: Rex Industry Bhd (REX) has received a notice of conditional mandatory take-over offer by ETA Industries Sdn Bhd (ETAI) for RM26.81 million in cash.

The offer was made through UOB Kay Hian Securities Sdn Bhd (UOBKH)

In a filing with Bursa Malaysia, the company said ETAI acquired today 266.98 million ordinary shares, representing 40.59 per cent of total shares, at 10 sen per share and 21.48 million warrants, representing 39.18 per cent of warrants, at half a sen from Darmendran Kunaretnam (DK) and Daiman Taipan Sdn Bhd.

Under the takeover rules, ETAI is required to extend the offer to the remaining REX shareholders.

It said the offer will remain open for acceptance until 5 pm for not less than 21 days from the posting date.

Trading in REX securities was halted from 2:30 pm to 3:30 pm.

REX shares rose half a sen to 10.5 sen with 831,200 shares traded as of 3.45 pm. – Bernama