Dato Lee Foo San, Group Executive Chairman and Chief Executive Officer of Watta Holding Berhad, made an offer to acquire additional 53.9% stake in Watta Holding Berhad (KLSE:WATTA) for MYR 22.8 million in a management buyout transaction on August 5, 2020. Under the offer, Dato Lee Foo San will acquire 45.5 million shares of Watta Holding Berhad at MYR 0.5 per share in cash. The offer price is subject to adjustments. If Watta Holding Berhad declares, makes or pays any dividend or other distribution after August 5, 2020, but prior to the closing date of the offer and the shareholders are entitled to retain such dividend and/or distribution, the offer price shall be reduced by an amount equivalent to the net dividend and/or distribution per offer share. Lee Fook Sin and Teoh Chee Kheong are persons acting in concert with Dato Lee Foo San for the purposes of offer. Dato Lee Foo San already holds 38.85 million shares of Watta Holding Berhad, while Lee Fook Sin holds 0.11 million and Teoh Chee Kheong holds 200 shares in Watta Holding Berhad. In a related transaction, Dato Lee Foo San acquired 11.1 million shares amounting to 13.19% stake in Watta Holding Berhad. Prior to the transaction, Dato Lee Foo San held 32.8% stake and after the acquisition of 13.19% stake, Dato Lee Foo San holds 45.99% stake in Watta Holding Berhad. Dato Lee Foo San confirms that offer will not fail due to insufficient financial capability. AmInvestment Bank Berhad confirms that Dato Lee Foo San has sufficient financial resources to satisfy full acceptances of the offer. Dato Lee Foo San may only withdraw the offer with the prior written consent of Securities Commission. Dato Lee Foo San intends to continue the existing businesses of Watta. Dato Lee Foo San has no plans to make redundant the employees of Watta The offer is conditional upon Dato Lee Foo San having received before the close of the offer, valid acceptances in respect of the offer shares which would result in Dato Lee Foo San and parties acting in concert holding together more than 50% of the voting shares in Watta Holding Berhad including the shares that are already acquired, held or entitled to be acquired or held by Dato Lee Foo San and parties acting in concert. The acceptance condition shall be fulfilled on the closing date of the offer, failing which the offer shall lapse. As of September 7, 2020, non-interested Board of Directors of Watta Holding approved the transaction and recommended shareholders to accept the offer. Dato Lee Foo San intends to maintain the listing status of Watta Holding Berhad. Dato Lee Foo San does not intend to compulsorily acquire any outstanding shares for which valid acceptances have not been received prior to the closing date. The offer will remain open for acceptances for a period of not less than 21 days from the posting date, which will be 21 days from the date of announcement, or such later date as Dato Lee Foo San may decide. First Closing Date of the offer is September 17, 2020. AmInvestment Bank Berhad acted as the financial advisor to Dato Lee Foo San. CHEW SING GUAN and DENIS LIM of Mercury Securities Sdn Bhd acted as financial advisors to provide comments, opinions, information and recommendation on the Offer to the non-interested Directors and the holders of the Offer Shares.