Tan Sri Dr Chep Lip Keong made an offer to acquire remaining 26.6% stake in Karambunai Corp Bhd (KLSE:KBUNAI) from FACB Industries Incorporated Berhad (KLSE:FACBIND) and others for approximately MYR 170 million on September 23, 2019. Tan Sri Dr Chep Lip Keong made the offer to acquire remaining 1.5 billion shares at MYR 0.11 per share and 523.5 million warrant (51.57%) at MYR 0.03 per warrant exercisable at MYR 0.1306 per warrant. The consideration shall be payable entirely by Tan Sri Dr Chep Lip Keong. The offeror can make compulsory acquisition of remaining shares not acquired during the offer period. If full shares are accepted, in Karambunai Corp Bhd will delist from stock exchange.

The offer is not conditional upon any minimum level of acceptance. The Offer is subject to the notification from the Securities Commission of Malaysia that it has no further comments on the contents of the offer document. In case the offer is accepted by not less than nine-tenths in the nominal value of offer securities, then Tan Sri might undertake a compulsory acquisition of the remaining offer securities. Offer will remain open for a period of not less than 21 days from the posting date. As of October 14, 2019, the offer will remain open till November 4, 2019. UOB Kay Hian Securities (M) Sdn Bhd acted as financial advisor to Tan Sri Dr Chep Lip Keong. Inter-Pacific Securities Sdn Bhd acetd as a financial adviser and fairness provider to the directors and holders of the offer securities.

Tan Sri Dr Chep Lip Keong completed the acquisition of an additional 18.74% stake in Karambunai Corp Bhd (KLSE:KBUNAI) from FACB Industries Incorporated Berhad (KLSE:FACBIND) and others for approximately MYR 120 million on November 4, 2019. As a result, Tan Sri Dr Chep Lip Keong holds 5.32 billion shares in Karambunai Corp Bhd representing 92.14% stake. The shares of Karambunai Corp Bhd will be suspended from trading on November 12, 2019.