Friday, October 28, 2011

MBM Resources launches takeover of Hirotako

KUALA LUMPUR: Auto parts manufacturer MBM RESOURCES BHD [] has made a takeover offer for HIROTAKO HOLDINGS BHD [], which makes car safety restraint equipment, offering 97 per share, which is nine sen above the pre-suspension price of 88 sen.

Hirotako said on Thursday, Oct 27 it had received a notice of conditional take-over offer from AmInvestment Bank Bhd on behalf of MBM Resources.

MBM Resources was offering 97 per share for all the voting shares of 25 sen each in Hirotako and 5.0 sen per warrant.

“The board of directors of Hirotako will hold a meeting tomorrow to deliberate on the offer,” it said.

MBM Resources said it had obtained an irrevocable undertaking from Hiro-Dapat Holdings Sdn Bhd -- the largest shareholder with 39.948 million shares or 22.85% -- to accept the offer.

Hiro-Dapat is controlled by Hirotako group managing director Datuk Kuan Peng Ching @ Kuan Peng Soon.

According to the latest financial results, Hirotako had in in its second quarter ended June 30, 2011, posted net profit of RM12.67 million on the back of RM75.17 million in revenue. Its net asset per share was RM1.15 and it had RM77.54 million cash and cash equivalents.

Its receivables totalled RM61.08 million as at June 30, 2011 up from RM39.41 million as at Dec 31, 2010.

MBM Resources said it did not intend to maintain Hirotako’s listing status.

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