Takeover offer of Meta Bright fails

KUALA LUMPUR: The mandatory takeover offer of Meta Bright Group Bhd (MBGB) by Leading Ventures Sdn Bhd has not succeeded at the close of the offer yesterday.

In a filing with Bursa Malaysia yesterday, MBGB, formerly known as Eastland Equity Bhd, said its executive director and Leading Ventures’ sole director and shareholder Datuk Lee Wai Mun, and persons acting in concert with them, held a 56.48% stake in the group and also 26.08% of warrants.

Two weeks ago, independent adviser UOB Kay Hian Securities had recommended that MBGB’s shareholders reject the offer, saying that the offer was not fair and unreasonable.

UOB Kay Hian Securities said the offer price of seven sen is a discount of 28.57% to the revalued net asset value of 9.8 sen per MBGB share.