WHILE the founders of Unisem (M) Bhd , along with a number of China-based consumers, have been profitable of their bid to achieve majority management of the corporate, there could also be one other stumbling block forward.
The brand new main homeowners of Unisem, which now collectively maintain a 83.13% stake, could face issue in promoting down their shares to keep up the required 25% public shareholding unfold of the corporate.
The key shareholders, which embody the corporate’s founder John Chia, his son Alexander Chia, their China-based companions Tianshui Huatian Know-how Co Ltd and Tianshui Huatian Electronics Group Co Ltd, might want to promote down their stake to adjust to Bursa Malaysia necessities.
Nevertheless, with the stake having been acquired at RM3.30 per share, this will not be straightforward.
The 12-month consensus goal worth of Unisem stands at RM3.05, primarily based on Bloomberg knowledge, and analysts principally have “promote” and “maintain” calls on the counter, indicating that it could not be smart transfer to build up the inventory at this level.
Making issues worse is that the share worth fell 4.6% over the past week, closing at RM3.11 on Friday.
To recap, the primary announcement on the takeover supply was made on Sept 12 final 12 months, with the events having provided to take over the corporate for RM1.817bil.