Close ↓

KUALA LUMPUR: Serba Dinamik Holdings Bhd billionaire and founder Datuk Mohd Abdul Karim Abdullah has acquired additional 20.31 per cent stake in Sarawak Consolidated Industries Bhd (SCIB) for RM19.19 million via direct business transaction.

He now owns a total 42.84 per cent equity holdings in SCIB after his recent 22.53 per cent stake acquisition in the latter in June this year.

As Karim’s stake in SCIB exceeds 33 per cent of the total shares, this has triggered a conditional mandatory take-over offer for him to acquire all the remaining shares he has not already held.


Serba Dinamik Holdings Bhd billionaire and founder Datuk Mohd Abdul Karim Abdullah has acquired additional 20.31 per cent stake in Sarawak Consolidated Industries Bhd (SCIB) for RM19.19 million via direct business transaction.

UOB Kay Hian, acting on behalf of Karim, said the offer price for the remaining shares came at RM1.10 for each share with a premium of 2.8 per cent from SCIB’s last transacted price as at August 14.

“The offer price represents the highest price paid by the offeror and the persons acting in concert with the offeror during the six month period prior to the commencement of the offer period and including the acquisition,” the firm said in a filing to Bursa Malaysia.

UOB said the offer is conditional upon the offeror having received valid acceptances by the closing date which would result in the offeror and the persons acting in concert holding in aggregate together with such SCIB shares that are already acquired, held of entitled to be acquired by the offeror and persons acting in concert, more than 50 per cent of voting shares of the offeree.

The offer will remain open for acceptance for not less than 21 days for the posting date unless the offeror withdraws the offer with the Securities Commission’s prior written approval, it added.

UOB said Karim intended to maintain SCIB’s listing status on the main market of Bursa Malaysia.

Karim had earlier purchased 20.04 per cent stake in Kumpulan Powernet Bhd on June 20, making him the single largest shareholder in the company.

1,243 reads