KUALA LUMPUR (April 23): Chin Hin Group Bhd’s conditional mandatory takeover offer to acquire the remaining shares it does not own in Signature International Bhd has turned unconditional, after it aggregated more than 50% of the voting shares.

In a bourse filing on Tuesday, AmInvestment Bank Bhd, on behalf of Chin Hin, said the condition for the mandatory takeover offer has been met.

“Unless extended or revised, the offer shall remain open for acceptance until May 10, 2024, which is at least 14 days from the unconditional date,” it said.

The conditional mandatory takeover offer was triggered in March after Chin Hin acquired a 4.77% stake in Signature, bringing its holdings in the company to 33.49%, together with persons acting in concert (PACs).

It currently holds a 55.87% stake in the company, thus turning the conditional mandatory takeover offer — which was priced at 84 sen apiece — unconditional.

Chin Hin said in February that it intends to maintain Signature’s listing status after the mandatory general offer (MGO).

Shares of Chin Hin were up two sen or 0.4% to RM4.99 at Tuesday’s close, valuing the group at RM8.83 billion. Meanwhile, shares of Signature International were up four sen or 4.1% to RM1.02, valuing the group at RM658.4 million.