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Last month, Mulpha International Bhd announced that it had received an unconditional voluntary takeover offer from several joint offerors (the controlling shareholder, the Lee family) to acquire all the remaining shares not already held by them for RM2.30 per share in cash.

We believe that when it comes to a takeover offer, minority shareholders must ask a few pertinent questions before deciding whether to accept the offer. Some of these questions are:

•            What is the rationale for the offer?

•            Is the offer price fair and reasonable?

•            What are the options available and their implications to minority shareholders?

•            Do the joint offerors intend to maintain the company’s listing status?

Recent news of Permodalan Nasional Berhad’s (PNB) decisions to vote against the routinely proposed resolution for directors to issue and allot new shares under Sections 75 and 76 of CA2016 has thrust the topic into the limelight.

Budget 2023 only had a three-day lifespan between its tabling on 7 Oct and the dissolution of Parliament on 10 Oct to pave the way for the GE15. If there is little change in the government after GE15, likely most of the Budget 2023 allocations will stay with minor tweaking. But if indeed there is a change of government, differences are likely to be made to the plans and fund allocations before the budget is tabled again