Tan Sri Dr Chen Lip Keong made an offer to acquire remaining 31.54% stake in Karambunai Corp Bhd (KLSE:KBUNAI) from FACB Industries Inc. Bhd and others for MYR 91.1 million on April 28, 2016. Under the terms of the transaction, Tan Sri Dr Chen Lip Keong will pay cash consideration of MYR 0.05 per share for each Karambunai's share and MYR 0.02 per warrant for each Karambunai's warrant. Tan Sri Dr Chen Lip Keong will acquire 1.8 billion shares of Karambunai Corp Bhd in the offer. Tan Sri Dr Chen Lip Keong already had 68.46% stake in Karambunai Corp Bhd. Tan Sri Dr Chen Lip Keong had sufficient financial resources to fund the offer. Tan Sri Dr Chen Lip Keong does not intend to take any steps to address the shortfall in the public shareholding spread of Karambunai. Tan Sri Dr Chen Lip Keong intends to invoke the provisions of compulsory acquisition to acquire any remaining shares from the holders who have not accepted the offer. The offer is subject to approval of Securities Commission Malaysia and any relevant parties, if required. The offer is not conditional upon any minimum level of acceptances. The Board of Karambunai recommended its shareholders to reject the offer as on May 30, 2016. The offer will close on June 9, 2016. RHB Investment Bank Berhad acted as financial advisor to Tan Sri Dr Chen Lip Keong. Inter-Pacific Securities Sdn Bhd was appointed as independent financial advisor to Karambunai. Bina Management (M) Sdn Bhd acted as registrar to Tan Sri Dr Chen Lip Keong. Tan Sri Dr Chen Lip Keong completed the acquisition of an additional 4.95% stake in Karambunai Corp Bhd (KLSE:KBUNAI) for MYR 14.3 million on June 9, 2016. A total of 285.79 million shares were tendered.