PETALING JAYA: Property development and construction group Mahajaya Bhd has received a takeover offer of 85 sen cash per share from Waiban Corp Sdn Bhd (WCSB), Rancangan Impian Sdn Bhd (RISB), Tan Ming Wai and Tan Ming Ban.
Ming Wai is the managing director while his brother Ming Ban is deputy managing director of Mahajaya.
The PACs include Mahajaya non-independent and non-executive chairman Muhamad Shapiae Mat Ali, the company's executive director Tan Beng Hong as well as other members of the Tan family.
In a filing with Bursa Malaysia, Mahajaya said the offer price represented a price-to-book ratio of 0.69 times based on the audited consolidated net assets per share of RM1.23 as at June 30, 2011.
The joint offerors do not intend to keep the listing status of Mahajaya.
They pointed out that no capital-raising exercise had been done to fund the group's growth since its listing in April 2004.
For the first quarter ended Sept 30, 2011, Mahajaya posted a 21.4% year-on-year drop in net profit to RM1.4mil, mainly due to lower revenue as certain projects in Bandar Damai Perdana, Cheras, had been completed and new projects had yet to contribute significantly.
Revenue for the quarter under review was 14.6% lower at RM29.8mil, compared with RM35mil a year earlier.
For the financial year ended June 30, 2011 (FY11), the group posted a net profit of RM68.76mil, compared with only RM2.9mil a year earlier.
The group had said the net gain after tax of RM63.4mil arising from the RM178.4mil sale of 51.38 acres of leasehold land in Taman Damai Utama, Kinrara in Puchong to Mah Sing Group Bhd had contributed significantly to its financial performance in FY11.
Revenue in FY11 grew to RM352.9mil, compared with RM169.2mil in FY10.
Mahajaya's stock closed 2 sen higher to 73 sen yesterday, with 181,200 shares changing hands.
