GHL shares expected to be suspended from trading as NTT Data Japan’s takeover offer ends

KUALA LUMPUR (July 23): GHL Systems Bhd (KL:GHLSYS) said trading in its shares will be suspended next week after NTT Data Japan Corp secured 98.8% of GHL shares at the conclusion of the Japanese group’s takeover offer for the payment services company.

“The bidder does not intend to maintain GHL’s listing status on the main market of Bursa Securities. For this reason, Bursa Securities will suspend trading in the shares after the expiration of five trading days after the extended closing date,” GHL said in a stock exchange announcement on Tuesday.

“The Bidder will cause GHL to take the necessary steps to withdraw its listing status from the Official List in accordance with paragraph 16.07 of the Listing Conditions,” it said.

Previously, the offer period had been extended by two weeks from 9 to 23 July.

The takeover offer was made in May after NTTD Japan acquired a 58.73% stake in GHL for RM724.08 million, or RM1.08 per share. The stake was acquired from Actis Stark (Mauritius) Ltd, APIS Growth 14 Ltd, Loh Wee Hian and Tobikiri Capital Ltd.

Based on the total 1.14 billion shares issued, NTTD Japan will have to shell out an additional RM508.74 million to gain full control of GHL.

Last month, independent adviser Affin Hwang Investment Bank urged GHL shareholders to accept NTTD Japan’s offer, calling it fair and reasonable.

GHL has been listed on the Bursa since 2003. The stock closed at RM1.06 on Tuesday, down 1 sen or 0.9 percent, giving the company a market capitalization of RM1.21 billion. The share price has risen 53 percent so far this year.