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BATU KAWAN BERHAD M&A Activity 2026
70330_rns_2026-05-27_f812d315-3cfc-494d-b7b8-884001d0f28a.pdf
M&A Activity
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Maybank
Investment Bank
Maybank Investment Bank
Berhad (197301002412)
(A Participating Organisation of Bursa
Malaysia Securities Berhad)
Level 70, Menara Merdeka 118,
Presint Merdeka 118,
50118 Kuala Lumpur, Malaysia
www.maybank-ib.com
FOR IMMEDIATE RELEASE
A member of
Maybank Investment Banking Group
28 May 2026
| To: | Attention: | Email: |
|---|---|---|
| Securities | ||
| Commission | ||
| Malaysia | Encik Ahmad Zulkharnain Musa | |
| General Manager | ||
| Take-overs & Mergers | ||
| Department | [email protected]/ | |
| [email protected] | ||
| Bursa Malaysia Securities | ||
| Berhad | Team 1 | |
| Listing Division | ||
| Regulation | [email protected] | |
| MKH Berhad | Tan Wan San | |
| Company Secretary | [email protected] | |
| Berita Harian | ||
| The Star | The Editor, Business Section | |
| The Editor, Business Section | [email protected] | |
| [email protected]/ | ||
| [email protected] | ||
| Bernama | ||
| The New Straits Times | ||
| The Edge | ||
| The Malaysian Reserve | ||
| The Sun Daily | ||
| Nanyang Siang Pau | ||
| Sin Chew Jit Poh | ||
| (Malaysia) | The Editor, Business Section | |
| The Editor, Business Section | ||
| The Editor, Business Section | ||
| The Editor, Business Section | ||
| The Editor, Business Section | ||
| The Editor, Business Section | ||
| The Editor, Business Section | [email protected] | |
| [email protected] | ||
| [email protected] | ||
| [email protected] | ||
| [email protected] | ||
| [email protected] | ||
| [email protected] |
BATU KAWAN BERHAD ("BKB")
(I) ACQUISITION BY WHITMORE HOLDINGS SDN BHD ("WHITMORE"), A WHOLLY-OWNED SUBSIDIARY OF BKB, OF 170,444,796 ORDINARY SHARES IN MKH BERHAD ("MKH") ("MKH SHARES"), REPRESENTING 29.6% EQUITY INTEREST IN MKH (EXCLUDING TREASURY SHARES), FOR A TOTAL CASH CONSIDERATION OF RM340.9 MILLION OR RM2.00 PER MKH SHARE ("MKH ACQUISITION");
(II) PROPOSED ACQUISITION BY WHITMORE OF AN AGGREGATE OF 104,433,373 MKH SHARES ("MKH SALE SHARES"), REPRESENTING 18.1% EQUITY INTEREST IN MKH (EXCLUDING TREASURY SHARES), FOR A TOTAL CASH CONSIDERATION OF RM208.9 MILLION OR RM2.00 PER MKH SALE SHARE ("PROPOSED MKH CONSIDERATION") ("PROPOSED MKH ACQUISITION"); AND
Maybank Investment Bank
(III) PROPOSED CONDITIONAL MANDATORY TAKE-OVER OFFER ("MO") FOR ALL THE REMAINING VOTING SHARES IN MKH NOT ALREADY OWNED BY WHITMORE ("OFFEROR"), BKB ("ULTIMATE OFFEROR") AND PERSONS ACTING IN CONCERT WITH THEM ("PACS") ("MKH OFFER SHARES") AFTER THE PROPOSED MKH ACQUISITION FOR A CASH CONSIDERATION OF RM2.00 PER MKH OFFER SHARE ("MKH OFFER PRICE") ("PROPOSED MO")
(TO BE COLLECTIVELY REFERRED TO AS "PROPOSALS")
Unless otherwise stated, all abbreviations and definitions used herein shall have the same meaning as those used in BKB's announcement dated 20 May 2026 ("Initial Announcement").
We refer to the Initial Announcement where it was announced, inter-alia, that the Acquisitions will be effected by way of DBT within 30 days from the date of the Acquisitions SSAs.
On behalf of the Board, Maybank IB wishes to announce that instead of completing the Acquisitions simultaneously, the parties have, via letters of agreement dated 28 May 2026 ("Letters of Agreement"), agreed on the following:
(i) in respect of the MKH Acquisition, the completion of the sale and purchase of 170,444,796 MKH Shares shall be effected by way of DBT in two (2) tranches as follows:
(a) 148,744,796 MKH Shares ("1st Tranche MKH Shares"); and
(b) 21,700,000 MKH Shares ("2nd Tranche MKH Shares"); and
(ii) in respect of the MKHOP Acquisition 1 and the MKHOP Acquisition 2, the MKHOP Consideration has been revised from RM0.6478 per MKHOP Share to RM0.648 per MKHOP Share in order to comply with the Rules of Bursa Securities governing DBTs.
Maybank Investment Bank
The 1st Tranche MKH Shares has been effected today by way of DBT for a total consideration of RM297,489,592 or RM2.00 per MKH Share whereas the 2nd Tranche MKH Shares will be effected by way of DBT within 30 days from the date of the SSA, in accordance with the terms of the SSA and the corresponding Letter of Agreement. In addition, the MKHOP Acquisition 1 and the MKHOP Acquisition 2 have also been effected today by way of DBT in accordance with the terms of the SSAs and the Letters of Agreement for a total consideration of RM25,371,451.15 or RM0.648 per MKHOP Share.
Yours faithfully
For and on behalf of
Maybank Investment Bank Berhad
Lim Wui Hoong
Director
Corporate Finance
Lim Sher Ting
Senior Manager
Corporate Finance