HeiTech Padu Bhd could be the next in line to be taken private following the recent spate of companies like Triumphal Associates Bhd and Perak Corp Bhd being taken private via selective capital reduction (SCR) and repayment exercise, sources say. In the case of HeiTech Padu, a source says the company’s executive chairman Datuk Mohd Hilmey Mohd Taib and private equity firm Agathis Capital (Limited Partner), which is incorporated in the Cayman Islands and is believed to be owned by Malaysians, could be working on a scheme to take the ICT solutions player private. Hilmey owns some 38% stake in HeiTech Padu, including a 29.96% equity interest held by his privately-owned Padujade Corp Sdn Bhd. He was former group chief executive of Perbadanan Nasional Bhd (PNB) from 1995 to 1997. The source says the move to take HeiTech Padu private could be in anticipation of the company securing more government contracts. By being a private company, the source says HeiTech Padu will not come under public scrutiny when landing such projects. Agathis Capital, a low-profile equity fund firm, was thrust into the Australian public limelight when it took Nexbis Ltd private by a scheme of arrangement two years ago. In the takeover exercise, Agathis Capital was being mentioned as having investments in real estates in Thailand and Malaysia. The source says under the SCR exercise, HeiTech Padu shareholders could be offered as much as RM1.10 to RM1.30 a share, which is a huge premium of 56-84% over Feb 13’s closing price of 70.5 sen.
Posted on: Sat, 15 Feb 2014 10:33:49 +0000
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