IR Mohd Abdul Karim Bin Abdullah (“offeror”), Director of Sarawak Consolidated Industries Berhad (KLSE:SCIB) made a tender offer bid to acquire remaining 51.37% stake in Sarawak Consolidated Industries Berhad from the minority shareholders for MYR 48.5 million on August 12, 2019. The consideration will be paid in cash. IR Mohd Abdul Karim Bin Abdullah presently holds 42.84% stake in Sarawak Consolidated Industries Bhd. IR Mohd Abdul Karim Bin Abdullah (offeror) intends to maintain the listing status of SCIB on the Main Market of Bursa Securities. The offer is conditional upon the offeror receiving valid acceptances which would lead to the offeror holding over 50% of the voting rights. The offer is also subject to the notification from the SC that it has no further comments on the contents of the offer and approval from other relevant parties. As on August 16, 2019, the minimum acceptance level of 50% acceptances was achieved. The shareholders are advised not to take any action. IR Mohd Abdul Karim Bin Abdullah if received acceptance of not less than nine-tenths in the nominal value of the offer shares, may, within 4 months of the date of the take-over offer, acquire the remaining shares or remaining shares in any particular class in the offeree, by issuing a notice in the form or manner specified by the SC to such effect, to all dissenting shareholder provided that the notice; is issued within 2 months from the date of achieving the conditions s accompanied by a copy of a statutory declaration by the offeror that the conditions for the giving of the notice are satisfied. Section 222(1A) of the CMSA provides that, for the purpose of Section 222(1)(b) of the CMSA, the acceptance shall not include shares already held by the offeror or his persons acting in concert as at the date of the take-over offer. In the event the offeror received valid acceptance of not less than nine tenth of the nominal value of the offer shares on or before closing date, the offeror does not intend to invoke provision of Section 222(1) of the CMSA, to compulsorily acquire any remaining offer shares. As of September 17, 2019, KAF Investment Bank Berhad is of the opinion that the offer is not fair and not reasonable and recommends the shareholders to reject the offer. The offer will remain open for acceptances for a period of not less than 21 days from the posting date. As of September 5, 2019, the offer will close on September 26, 2019. On August 19, 2019, the Board of Sarawak Consolidated Industries Berhad hired KAF Investment Bank Berhad as the Independent Adviser to advice in respect of the fairness and reasonableness of the offer. Tan Meng Kim and Nantha Jumar of UOB Kay Hian Securities (M) Sdn Bhd acted as financial advisors to IR Mohd Abdul Karim Bin Abdullah. Boardroom Share Registrars Sdn Bhd acted as the registrar for IR Mohd Abdul Karim Bin Abdullah.