Nexgram, an information communication and technology group, is also offering to acquire all its outstanding warrants and irredeemable convertible unsecured loan stock (ICULS) at MYR0.01 per outstanding warrant, and MYR0.05 per ICULS.
The offer price shall be satisfied through the issuance of new ordinary shares in Nexgram – which does not currently own any stake in Ire-Tex – through the issuance of new ordinary shares at an issue price of MYR0.10 each.
Nexgram sees the proposed takeover as a way for it to expand its earnings base by tapping into the manufacturing and industrial segments through Ire-Tex’s existing businesses. It intends to maintain Ire-Tex’s listing status on the Main Market of Bursa Malaysia.
Ire-Tex’s major shareholder Tey Por Yee, who is also a substantial shareholder in Nexgram, is the only person acting in concert with Nexgram in the takeover bid.
Nexgram’s offer also extends to the securities currently held by Tey, and the company has obtained an irrevocable undertaking from Tey to accept the offer.
Tey holds 23.07 per cent or 30.62 million Ire-Tex shares and 0.01 per cent of its warrants. He also has a 14.89 per cent stake in Nexgram and another 8.51 per cent deemed interest by virtue of his direct stake of more than 15 per cent in Smart Tower Sdn Bhd.