KUALA LUMPUR (July 9): Rex Industry Bhd (KL:REX) said the takeover offer by its new major shareholder for the remaining shares and warrants in the group has turned unconditional, after its shareholding climbed above the 50% threshold.

The major shareholder, ETA Industries Sdn Bhd, along with Lim Chin Hui and persons acting in concert, collectively held a 52.22% stake or 343.45 million Rex shares as at 5pm on Wednesday, said Rex Industry in a bourse filing.

Lim is the controlling shareholder and chief executive officer of ETA Industries.

On top of that, they also held 39.18% or 21.28 million of Rex Industry's warrants, the filing noted.

The offer will remain open for acceptance until July 25, said Rex Industry, which manufactures canned food, drinks and biscuits.

The mandatory offer involves acquiring the remaining 59.41% stake in Rex Industry at 10 sen per share, and the group’s warrants at 0.5 sen each.

The offer was made after ETA Industries acquired a 40.59% stake in Rex Industry for RM26.81 million, or 10 sen per share, on June 13 from Darmendran Kunaretnam and Daiman Taipan Sdn Bhd. Also included in the deal was the acquisition of 39.18% of Rex's total warrants at half a sen per warrant.

ETA Industries has said it plans to maintain Rex Industry's listing on Bursa Malaysia.

Rex Industry’s shares closed unchanged at 10 sen on Wednesday, valuing the group at RM66 million.

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