KUCHING: Kim Hin Industry Bhd has now complied with the minimum requirement of public shareholding spread following the disposal of three million shares by its substantial shareholder Chua Seng Huat last Friday.
Chua sold the three million shares at 85sen per share for RM2.55 million in the open market on August 7.
Also the company’s executive chairman, Chua has reduced his direct stake in the ceramic tile manufacturer to nearly 6.8 million shares (4.847%). He has indirect equity interest of about 86.19 million shares (61.459%).
“Based on the record of depositors of Kim Hin as at 11 August 2026 which has taken into account the said changes, the public shareholding spread of Kim Hin has now increased from 23.64 per cent to 25.79 per cent.
“In this respect, Kim Hin has complied with the public spread requirement within the extension of time granted by Bursa Securities,” the company said in a filing with the local bourse.
Under the extended period, Kim Hin had up to August 13 (yesterday) to comply.
To recap, Chua and his family-controlled Kim Hin (Malaysia) Sdn Bhd (joint offerors) had failed in their bid to privatise the company at 85sen per share a year ago.
At the close of the unconditional voluntary takeover offer on August 22, 2025, the joint offerors received 8.1 million shares or a 5.78 per cent stake in valid acceptances, raising their collective stake to 68.34 per cent (95.84 million shares).
The valid acceptances fell short of the required threshold for the offerors to compulsorily acquire the remaining offer shares, as they only represent 15.3 per cent of the 52.94 million shares they do not already own — short of the 90 per cent requisite threshold.
Prior to the takeover offer, the offerors held a 62.25 per cent (87.3 million shares) of Kim Hin.
On August 4, 2025, independent adviser New Paradigm Securities Bhd advised minority shareholders to reject the offer, saying it under-valued the company, and was “not fair nor reasonable”.
The adviser said the 85sen per share offer was RM2.25 or 72.58 per cent lower than Kim Hin’s estimated value of RM3.10 per share.
Based on the independent advisor’s recommendations, Kim Hin’s independent directors also urged the minority shareholders to reject the offer.
On August 15, Kim Hin said its public shareholding spread had slipped to 24.22 per cent, below the requisite 25 per cent under the Main Market Listing Requirements.
Kim Hin share price has since risen to 95sen,the highest over a 52-week period.
