KUALA LUMPUR: Sanichi Technology Bhd managing director Datuk Seri Pang Chow Huat and PNE PCB Bhd executive director Ho Jien Shiung have launched a takeover of BSL Corp.

       They had acquired a 51.72% stake or 58.24 million shares in BSL Corp for RM57.47mil or RM1.15 a share in the morning session on Wednesday in an off-market deal.

       At RM1.15 a share, this was six sen over Tuesday’s closing price of RM1.09. In regular trade, the share price was up eight sen to RM1.17.

       Following the acquisition of the 51.72% stake in BSL Corp, after excluding 1.36 million treasury shares, via a direct business transaction, they were required to extend an unconditional mandatory takeover offer for the remaining shares.

       BSL Corp is a metal stamping company which started out as a supplier of product and services to top Japanese brands involved in electrical and electronics products.

       Pang is also the founder of Sanichi Technology Bhd which is involved in property development and fabrication of precision plastic injection moulds and technology.

       He now holds 32.43 million BSL Corp shares or a 33.57% stake.

       As for Ho, he is also a shareholder of PNE PCB Bhd which is involved in the manufacturing and sale of printed circuit boards. He is also an executive director of PDZ Holdings Bhd and a non-independent non-executive director of DGB Asia Bhd.

       He holds 17.54 million BSL Corp shares or an 18.15% stake.

       They intend to maintain the listing status of BSL Corp on the Main Market. They do not plan to compulsorily acquire the shares for which valid acceptances which have not been received or prior to the closing date.

       The board of BSL Corp said other than the interested directors -- Ngiam Tong Kwan, Ngiam Tee Wee and Ngiam Tee Yang who will abstain from deliberating the offer -- it will appoint MainStreet Advisers Sdn Bhd to act as the independent adviser to the non-interested directors and shareholders of BSL to provide their independent evaluation and recommendation on the offer.

       The appointment of MainStreet is subject to the clearance of their eligibility as the independent adviser by the Securities Commission.

       “The board wishes to advise the shareholders of BSL Corp not to take any action which may be prejudicial to your interests and to wait for the offer document from the joint offerors and the independent advice circular from MainStreet to be issued and posted to you on a later date.

       “Shareholders of BSL are therefore advised to read carefully the offer document and independent advice circular which will be dispatched to you in due course before taking any action(s) in relation to your offer shares, ” BSL Corp board said.