JMI reveals more details on bids

Tags: JMI | YFG

Written by Financial Daily

Friday, 31 July 2009 10:52

Kuala Lumpur: JOHN MASTER INDUSTRIES BHD [] (JMI) has disclosed more details on its exercise to tender out its assets and liabilities which resulted in the controlling shareholder winning the bid.

In an announcement to Bursa Malaysia yesterday, JMI disclosed that apart from Yoon Foong Garments Sdn Bhd (YFG) which won the bid for RM78.5 million, the other offer came from Primescore Limited. YFG had submitted a bid for RM77.38 million while Primescore, a company believed to be incorporated in British Virgin Island, offered RM74.08 million.

YFG is the company controlled by the Ho family that currently holds 30.4% of JMI.

JMI said that pursuant to YGF’s final bid, the board negotiated for an increase in the final binding offer after which the price was raised to RM78.5 million.

The company also shed more details on potential claims against the company that reduced the valuation of JMI from a range of between RM110.45 million and RM125.26 million to between RM71.75 million and RM87.19 million.

The valuation was done by FHMH Corporate Advisory Sdn Bhd.

The claims were in relation to its subsidi ary JM Land which has filed a suit against a professional firm that is claiming a total sum of RM33.33 million from the subsidiary. JM Land also faced another claim of RM5.7 million.

This article appeared in The Edge Financial Daily, July 31, 2009.

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Last Updated on Friday, 31 July 2009 10:54

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