16 February, 2019
Description:
We advised Tianshui Huatian Technology Co., Ltd ("TSHT"), a public listed company in the People's Republic of China ("PRC"), together with its shareholder, Tianshui Huatian Electronics Group Co., Ltd, (collectively, the “Joint PRC Offerors”), and the Joint Offerors (as defined below), in connection with their pre-conditional voluntary conditional take-over (“Take-over”)of 428,553,254 shares of Unisem (M) Berhad ("Unisem"), which represents 58.94% of the issued share capital of Unisem not already owned by the Joint Offerors, for a total consideration of MYR 1.407 billion. The Take-over offer was made in December 2018 and closed on 7 January 2019. Unisem is a manufacturer of semiconductor devices for many of the world’s most successful electronics companies.
The “Joint Offerors” comprise the Joint PRC Offerors and the Malaysian Offerors including John Chia, Alexander Chia, Jayvest Holdings Sdn. Bhd. and SCQ Industries Sdn. Bhd. who were existing shareholders of Unisem prior to the Take-over. The Take-over offer received overwhelming response from the offeree shareholders and upon closing, the Joint Offerors accumulated a total of 83.22% of the issued share capital of Unisem.
We also advised TSHT in connection with its entry into the collaboration agreement with the Malaysian Offerors in respect of the Take-over offer, that resulted in the formation of a strategic partnership between TSHT and the Malaysian Offerors for the expansion and development of Unisem’s business operations upon completion of the Take-over.
Key Dates:
Completed on 7 January 2019
Lead Partner:
Munir Abdul Aziz
Supporting Lawyer(s):
Jacklyn Lim (Senior Associate), Calvin Koay (Associate), Loo Mynn Keng (Associate)
