Posted by : Admin Thursday, April 05, 2012

On 2 March 2012, the Board of Directors of eBworx, an investee company of OSKVI, had announced that it had received a letter dated 1 March 2012 from Hitachi, Ltd. ("Hitachi" or "Offeror") on its potential intention or potential proposal to acquire all the outstanding ordinary shares of RM0.10 each in eBworx ("Share(s)") subject to conditions including completion of due diligence to the satisfaction of Hitachi, no material adverse change in eBworx, the retention of certain key personnel and receipt of all internal approvals required by Hitachi to undertake the potential proposal .

On 5 April 2012, Maybank Investment Bank Berhad, had on behalf of the Offeror, served a notice on the Board of Directors of eBworx informing them of the Offeror's intention to undertake a conditional take-over offer to acquire all the Shares (excluding treasury shares) not already owned by the Offeror ("Offer Shares") for a cash offer price of RM0.90 per Offer Share ("Offer").

 Accordingly, pursuant to the Offer, OSKCP, a wholly-owned subsidiary of the Company, has provided an irrevocable and unconditional undertaking to accept the Offer and dispose of 51,896,000 Shares, representing its entire 25.36% equity interest in eBworx, for a total cash consideration of RM46,706,400 ("Sale Consideration"). However, the Offer is conditional upon the Offer having been validly accepted by the shareholders of eBworx of not less than 85% of the voting shares of eBworx

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