Sep 8, 2014 in News

SHAH ALAM, Sept 8 - Delloyd Ventures Bhd's proposed privatisation would depend on the shareholders' feedback at the company's extraordinary general meeting (EGM) to be held in December.

Deputy Group Managing Director, Datuk Leon Tee Wee Leng said the company is currently going through a due diligence process, whereby independent advisors as well as valuers are being appointed.

"Documents are being prepared, more information will be provided to the shareholders and we shall wait for the circular to be released," he told reporters at the group's annual general meeting here today.

He said further information on the privatisation would be available for shareholders and they would be given 21 days before the EGM is held.

"At this moment in time, if the shareholders have any questions regarding the issue, they may direct it to the company's secretary," he said.

Leon said if the privatisation were to materialise without any hiccups, it might be completed by March 2015.

"The major shareholders have offered a final price of RM5.20 a share, at the moment.

"The RM5.20 price tag is reasonable and it is up to the shareholders to base their judgement on it. It would be best that if they have any concerns, they should voice it out at the EGM," he said.

Chung & Tee Ventures Sdn Bhd is the single largest shareholder in Delloyd with a 34.24 per cent stake, and together with parties acting in concert with it collectively own 63.58 per cent in the company.

Leon said Delloyd's share price had not been traded at this level before and because of this offer, it was trading at an all-time high.

"If the deal to privatise doesn't work out, we don't know how the share price is going to perform but at current valuation, it is at its all-time high," Leon added.

Delloyd Ventures Bhd is an automotive components manufacturer and is also involved in oil palm plantation. - Bernama

- 8 Sep 2014