19 January 2018
MSWG’S QUICK TAKE ON-ONGOING CORPORATE DEVELOPMENTS
HOVID BERHAD (“HOVID”)
The Board of Directors of Hovid (“Board”) announced that as at 10 January 2018, the joint offerors collectively hold 75.64% of the total issued ordinary share capital of the company. Accordingly, Hovid does not comply with the required public shareholding spread pursuant to Section 8.02(1) of the Listing Requirements whereby a listed issuer must ensure that at least 25% of its total listed shares are in the hands of public shareholders (“Public Shareholding Spread Requirements”).
The joint offerors have stated that they do not intend to maintain the listing status of Hovid and may procure Hovid to take the requisite steps to withdraw its listing status from the Official List in accordance with Paragraph 16 of the Listing Requirements. As at the date of the announcement, there are no plans to rectify the shortfall in the Public Shareholding Spread Requirements.
[Source: Hovid’s announcement on Bursa Malaysia’s website on 11 January 2018]