Jasa Kita gets notice of unconditional takeover offer

PETALING JAYA: Jasa Kita Bhd has received a notice of unconditional mandatory takeover offer from Maybank Investment Bank Bhd and Astramina Advisory Sdn Bhd on behalf of Kintan Prima Sdn Bhd.

In a filing with Bursa Malaysia, the power tool and industrial equipment maker said oil and gas veteran Abd Azis bin Mohamad, his wife Datuk Yasmin Mahmood, and brother-in-law Datuk Iskandar Mizal Mahmood had entered into two conditional share sale agreements on July 11, 2025 with Tan Sri Tan Hua Choon and Datuk Sri Tan Han Chuan to acquire 40.33% equity interest in Jasa Kita for RM68.90mil or 38 sen per share.

The deal also depended on selling four industrial land plots in Gombak to Hua Choon’s Logik Damai Sdn Bhd for RM38mil.

Following the acquisition, the collective shareholding of Abd Azis and his group in Jasa Kita stands at 50.19%. Yasmin was formerly the chief executive officer of Malaysia Digital Economy Corp.

This triggered an unconditional mandatory takeover offer for Kintan Prima to purchase all the remaining shares in Jasa Kita that it did not own at 38 sen per share.

The offer price of 38 sen per share represented a 4.11% premium over Jasa Kita’s last traded price of RM0.3650 on July 10, 2025, which is the last full trading day before the conditional share sale agreements.

It also represents an 11.93% premium to Jasa Kita’s five-day volume weighted average price (VWAP) of RM0.3395 up to and including the last full trading day before the conditional share sale agreements announcement.

Moreover, the offer price of 38 sen per share represented a 2.7% premium over Jasa Kita’s last traded price of RM0.37 on Sept 10, 2025, the last full trading day before the unconditional mandatory offer notice.

It also represented a 2.51% premium to Jasa Kita’s five-day VWAP of RM0.3707 up to and including the last full trading day before the unconditional mandatory offer notice.