Sai family makes takeover bid for Ornapaper

PETALING JAYA: Ornapaper Bhd has received a conditional mandatory takeover offer from the Sai family at RM1.06 per share after their stake in the company rose to 33.01% following the acquisition of fresh shaves via Intisari Delima Sdn Bhd.

In a filing with Bursa Malaysia yesterday, Ornapaper stated the three joint-offerers – Sai Ah Sai, Sai Han Siong and Sai Chin Hock – intend to maintain the listing status of the company and do not intend to compulsorily acquire the remaining shares under Section 222 (1) of the Capital Markets and Services Act.

The offer price of RM1.06 is at a discount to Ornapaper’s last traded price of RM1.10 yesterday.

If minority shareholders accept the offer, the offerors will have to pay RM52.69mil for the remaining shares they do not possess.

Ornapaper is one of the largest manufacturers and suppliers of corrugated boards and cartons in Malaysia.

The offer will remain open for acceptances until Nov 2, 2022, the filing noted.

Ornapaper posted a net profit of RM869,000 for its second quarter ended June 30, 2022 on the back of RM83.9mil in revenue. For the cumulative six months, the company made a net profit of RM2.66mil or an earnings per share of 3.59 sen, its past exchange filing showed.

The Ornapaper takeover offer is the eighth takeover offer recorded so far this year.

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