According to RHB, which is making the offer on behalf of Ng, trading of MS Holdings’ shares has been thin, and therefore the offer is a chance for other shareholders to exit at a premium over the prevailing market price.
MS Holdings shares most recently changed hands at 6 cents.
The offer price of 7 cents compares with the company’s net asset value of 14.6 cents per share as at April 2022.
On Jan 5, the company received approval from shareholders to diversify into automotive financing.
See also: Cosmosteel’s CEO Ong resigns after 3HA Capital offer declared unconditional
For its most recent year ended April 31, MS Holdings reported that revenue improved from $9.8 million to $16.7 million y-o-y.
Yet, it swung into a loss of $2.87 million from earnings of $3.2 million reported for the prior FY2021 ended April 2021.
