KUALA LUMPUR (March 9): Takeover offers valued at RM4.33 billion in total, down 33.6% from RM6.52 billion in 2015, were submitted via 22 documents and cleared by the Securities Commission Malaysia (SC) last year.

This translates to an average value of RM196.98 million, compared with RM293.33 million in 2015, according to the SC's Annual Report 2016.

The industrial and trading/services sectors reported the highest number of offers made, with 12 companies (six companies under each sector), representing 55% of the total number of offers.

Among the notable offers in 2016 in terms of offer value were: Johor Corp's offer for all remaining shares in Kulim (Malaysia) Bhd (RM2.26 billion), the offer by Hwang Enterprise Sdn Bhd and Hwang Lip Teik for all remaining shares in Hwang Capital (Malaysia) Bhd (RM469.31 million), and Tengku Mahkota of Pahang Tengku Abdullah Sultan Ahmad Shah's RM301.16 million offer for the balance shares he does not own in Tanah Makmur Bhd.

"Out of 22 takeover offer documents cleared during the year, 64% or 14 offers involved proposed privatisations of listed companies (2015 recorded eight)," it said.

SC added that three privatisation proposals involved subsequent offers by their respective major shareholders following earlier takeover offers in 2015, namely Kejuruteraan Samudra Timur Bhd, PJ Development Holdings Bhd and StemLife Bhd.

29 independent advice circulars were cleared last year; 23 circulars were in relation to takeover offers and the remaining were in relation to whitewash procedures for exemptions from the mandatory offer obligation, the SC said.

"The SC also approved 10 applications for exemptions from having to undertake a mandatory takeover offer and 18 applications for various matters including approval to act as independent adviser for takeover proposals and other waivers or rulings," it said.