TFSB to embark on manufacturing business on completion of merger exercise
KUALA LUMPUR, July 29 (Bernama) -- Temasek Formation Sdn Bhd (TFSB), a special-purpose company, plans to embark on manufacturing business upon the completion of the acquisition of Jotech Holdings Bhd, AIC Corp Bhd and AutoV Corp Bhd in a deal worth almost RM700 million.
Owner Datuk Goh Tian Chuan said the merger would create a larger manufacturing group of diverse customer portfolios in a wide range of industries comprising medical and life sciences, automotive, electrical and electronics.
"The execution of the merger will create a larger group in terms of market capitalisation, streamline the multi-tiered shareholding structure as well as unlock potential intrinsic values of the three companies.
"The full value of the business potentials of the three firms is expected to be accurately reflected at TFSB's level.
"The exercise is expected to be completed by the first quarter of next year," he told a media briefing here Friday.
Goh, who is also group executive chairman of Jotech and AIC, said TFSB was optimistic about its prospect as the company saw good value in the three firms.
He said the merged group would span across regional countries such as China, Taiwan and Indonesia.
"It would also provide a platform to adopt an integrated manufacturing solution business model, providing an extended range of manufacturing services from precision metal and plastic parts stamping to high volume manufacturing and assembly and logistic management," he said.
He said the merger would be one of the largest amalgamations of manufacturing firms to be undertaken in Malaysia and spearhead the long-awaited consolidation in the manufacturing industry in Malaysia.
The merger exercise comprises an offer of 18 sen for each Jotech share, RM1.80 for each AIC share and RM 2.38 for each AutoV share, representing a premium of 20 per cent over the respective five-day volume-weighted average market price of Jotech, AIC and AutoV of 15 sen, RM1.50 and RM1.98 respec! tively. (Bernama)
Owner Datuk Goh Tian Chuan said the merger would create a larger manufacturing group of diverse customer portfolios in a wide range of industries comprising medical and life sciences, automotive, electrical and electronics.
"The execution of the merger will create a larger group in terms of market capitalisation, streamline the multi-tiered shareholding structure as well as unlock potential intrinsic values of the three companies.
"The full value of the business potentials of the three firms is expected to be accurately reflected at TFSB's level.
"The exercise is expected to be completed by the first quarter of next year," he told a media briefing here Friday.
Goh, who is also group executive chairman of Jotech and AIC, said TFSB was optimistic about its prospect as the company saw good value in the three firms.
He said the merged group would span across regional countries such as China, Taiwan and Indonesia.
"It would also provide a platform to adopt an integrated manufacturing solution business model, providing an extended range of manufacturing services from precision metal and plastic parts stamping to high volume manufacturing and assembly and logistic management," he said.
He said the merger would be one of the largest amalgamations of manufacturing firms to be undertaken in Malaysia and spearhead the long-awaited consolidation in the manufacturing industry in Malaysia.
The merger exercise comprises an offer of 18 sen for each Jotech share, RM1.80 for each AIC share and RM 2.38 for each AutoV share, representing a premium of 20 per cent over the respective five-day volume-weighted average market price of Jotech, AIC and AutoV of 15 sen, RM1.50 and RM1.98 respec! tively. (Bernama)
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