Amverton’s major shareholder tables takeover offer
AMVERTON Bhd has received a notice of unconditional voluntary takeover offer from Tan Sri Ng Boon Thong @ Ng Thian Hock, the controlling shareholder and director of Dalta Industries Sdn Bhd, to acquire the remaining 80.83 million shares or 22.14% of the company for RM1.20 a share or RM96.99 million in cash.
The offer price matches Amverton share price of RM1.20 yesterday, which valued the property group at RM438.08 million. Dalta currently owns 244.42 million shares or 66.95% of Amverton’s total shares. Ng holds 39.8 million Amverton shares which represent 10.91% of the entire stake.
Persons acting in concert (PACs) with Ng include his family members, his wife Catherine Yeoh Eng Neo and sons Datuk Ambrose Leonard Ng Kwee Heng, Datuk Milton Norman Ng Kwee Leong, Steven Junior Ng Kwee Leng and Malcom Jeremy Ng Kwee Seng.
Dalta does not intend to maintain the listing status of the company, and as a result Amverton board has decided not to proceed with the proposed private placement exercise to comply with the public shareholding spread requirement.
For the third quarter ended Sept 30, 2019 (3Q19), Amverton’s earnings plunged 98.38% year-on-year (YoY) to RM253,000 from RM15.4 million in the previous year due to lower revenue.
Its quarterly revenue fell 51.83% YoY to RM17.31 million from RM35.93 million in 3Q18 due to lower revenue from all business divisions.
Amverton’s property development and investment, construction and other related services registered a 58.06% decrease in revenue to RM23.55 million, compared to RM56.16 million in 3Q18 due to lower sales and profit, which were mainly attributed to lesser development activities as it did not launch any new projects due to the current soft market environment.
The manufacturing and trading division recorded a 6.66% decrease in revenue to RM23.54 million, from RM25.22 million in 3Q18 mainly due to lower sales.
The hotel and leisure-related services posted a 7.59% decrease in revenue to RM11.96 million for the current period compared to RM12.94 million in the previous year’s corresponding period, mainly due to closure of Puteri Garden and an food and beverages outlet in Klang.
Its plantation segment’s revenue for the quarter decreased by 27.49% to RM2.89 million for the current financial period compared to RM3.99 million in the previous year corresponding period due to the decrease in fresh fruit bunches production and continuous drop in crude palm oil prices.
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