An engineering outfit involved in the oil and gas business is believed to be undertaking a RTO of label manufacturer IDEAL. The company is said to be making an offer of not less than 45 sen per share.
It will make an announcement in the next few days.
IDEAL’s cash and cash equivalents stood at rm9.07 million as at March 31 2014 while its borrowings stood at rm4.42 million.
Major shareholders of IDEAL are Andrew Conrad Jacobs with a 30.38% stake. Company’s CEO Foo and spouse owns a 14.53% stake while s executive director Khairul Azwan and Foo Chong Ming have 6% and 5.87% respectively as of May 8 2014.
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