FACB receives RM134.2mil privatisation offer at RM1.60 per share

KUALA LUMPUR: FACB Industries Incorporated Bhd has received a privatisation offer worth RM134.2mil from Chen Yiy Fon, the son of its late founder.

Chen, who is also the company’s chairman, is offering to acquire all shares held by his late father, Tan Sri Chen Lip Keong, his mother, and other minority shareholders at RM1.60 per share.

The offer involves the purchase of approximately 83.88 million ordinary shares, excluding treasury shares.

The conditional offer will remain open for acceptance for 21 days, with a closing date of August 10 unless extended.

FACB is principally involved in the manufacturing and sale of bedding products in Malaysia and, through its subsidiary and associates in China, the marketing of bedding products and steam.

Shares of FACB surged 29.2%, or 33 sen, to RM1.46, its highest since 2021.