Malaysian businessman makes conditional cash offer for Sunrise Shares Holdings

MALAYSIAN businessman Wira Boo Kuang Loon has launched a mandatory conditional cash offer for shares of Sunrise Shares Holdings at S$0.0218 apiece.

The offer was triggered after Boo acquired a 33 per cent stake in the electrical products trader and distributor on Monday (Jul 10) for S$1.5 million or S$0.0217 per share.

Boo was the former chief executive of Malaysian property developer Yong Tai. He stepped down in May and currently serves as an executive director at the company, in which he has a direct interest of 5 per cent.

The offer is conditional upon Boo having received, by the close of the offer, valid acceptances for him to control more than 50 per cent of Sunrise Shares Holdings.

Further information on the offer and its terms and conditions will be set out in an offer document to be issued.

Boo said he intends to undertake a review of the group’s business to identify areas in which its strategic direction and operations can be enhanced. This may involve the disposal or cessation of underperforming businesses and assets, acquisition of new assets, or the redeployment of certain employees of the company and its subsidiaries in the future.

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At the moment, he is not planning to introduce material changes to the existing business of the group, redeploy its fixed assets or discontinue the employment of its current employees, other than in the normal order of business.

Sunrise Shares Holdings on Monday requested a halt in trading of its shares.