KUALA LUMPUR: Office furniture maker EURO HOLDINGS BHD said it has received a mandatory take-over offer from SPA Furniture (M) Sdn Bhd.
The offer was triggered after SPA Furniture acquired a 51% stake in the company from eight shareholders, including managing director Datuk Sri Choong Yuen Keong, for a total RM27.26mil, or 20 sen a share.
SPA Furniture is now obliged to extend to offer to buyout remaining shareholders in the company at 20 sen a share.
SPA Furniture is controlled by Datuk Sri Lim Teck and his father Datuk Sri Lim Chaw Teng.
AmInvestment Bank, on behalf of SPA Furniture, said in a filing with Bursa Malaysia today that the offeror intends to maintain the listing status of Euro Holdings.
The stock was last traded at 23 sen.