Navis Capital to trigger GO for SEGi today

By Max Koh of theedgemalaysia.com | The Edge Malaysia – Wed, Apr 25, 2012

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KUALA LUMPUR: Navis Capital Partners Ltd is expected to increase its stake to over 33% today and make a general offer (GO) for the remaining shares in SEG International Bhd (SEGi).

An executive close to the matter told The Edge Financial Dailyon on Wednesday that Navis Capital would announce the GO at a slight premium over the RM1.71 per share.

Navis Capital had earlier acquired 27.8% stake in SEGi at RM1.71 per share from Cerahsar Sdn Bhd, Segmen Entiti Sdn Bhd, and Datuk Chee Hong Leong.

The source confirmed that SEGI’s major shareholder and managing director Datuk Seri Clement Hii, who holds a 28.4% stake, would remained and not accept the GO.

This morning, 18 million shares or a 3.2% stake in SEGi was traded off market for RM21.78 million or RM1.21 per share.

 

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