Kuala Lumpur:Prosper Trading Sdn Bhd (PTSB) and its joint ultimate offerors plan to make a conditional mandatory takeover offer for the remaining 52.34% stake in United Malacca Bhd (UMB) at RM6.10 per share. This move aims to fulfill an outstanding takeover obligation from September 2024.

According to BERNAMA News Agency, the offer targets 109.80 million shares not already owned by the offeror, joint ultimate offerors, and persons acting in concert (PACs). The obligation was triggered on September 26, 2024, when their collective holdings in UMB increased to 33.70% from 32.63%, surpassing the 33% threshold required for a takeover offer under the rules.

This increase in shareholding followed purchases by Tee Kim Tee @ Tee Ching Tee, Prosper Capital Holdings Sdn Bhd, Mergeboom (M) Sdn Bhd, and Datin Seri Kalsom Ahmad. However, the mandatory offer was not made at that time. The issue was discovered during a review of historical shareholdings linked to Prosper Trading's acquisition of 28.18 million UMB shares, representing a 13.44% stake, from Great Eastern Life Assurance (Malaysia) Bhd on October 12, 2026. These shares were bought for RM171.93 million, or RM6.10 per share.

Additionally, the offeror and joint ultimate offerors plan to introduce a cash compensation scheme for eligible claimants who sold UMB shares between September 26, 2024, and October 9, 2026. Eligible claimants could receive the difference between RM6.10 per share and their selling price if the shares were sold below the offer price and the claims meet the scheme's requirements.

The offer is contingent upon receiving valid acceptances by the closing date, which must be at least 21 days from the posting date. These acceptances need to increase the collective shareholding of the offeror, joint ultimate offerors, and PACs to over 50% of UMB's voting shares or rights.