KUALA LUMPUR (Jan 27): GOLDEN FRONTIER BHD []’s main shareholder Frontier Equity Sdn Bhd, which owns 41.26% , has served a notice of conditional take-over offer on the company, offering RM1.50 a share for the remaining stake it does not own.

Golden Frontier said on Friday that parties acting in concert in the takeover are TH Khor Holdings Sdn Bhd, which is the holding company of Frontier Equity.

Also involved in the takeover is Golden Frontier executive chairman and group managing director Datuk Khor Ten Haw and eight others who own a combined 0.89% or 467,162 shares. Khor is also a director of Frontier Equity.

The RM1.50 offer price is a premium of 21.95% or 27 sen over the five-day volume weighted average price (VWAP) of the shares up to Jan 20.  The offer price is 27.12% or 32 sen over the one-month VWAP of RM1.18. The pre-suspension price was RM1.21.

Golden Frontier said the takeover offer by Frontier Equity would remain open until 5pm for at least 21 days after the posting date.

The offeror also did not intend to maintain the listing status in the event the 90% acceptance condition was achieved.