Prosper Trading launches RM6.10-per-share mandatory bid for United Malacca

Prosper Trading Sdn Bhd, together with its joint ultimate offerors, announced a conditional mandatory takeover bid for the remaining 52.34% stake in United Malacca Bhd, pricing the offer at RM6.10 per share. The bid targets 109.80 million shares not already held by the offeror group, a requirement that arose when their combined holdings exceeded the 33% trigger on 26 September 2024. The breach was identified during a review after Prosper Trading acquired 28.18 million United Malacca shares from Great Eastern Life Assurance (Malaysia) Bhd on 12 October 2026 for the same price.

Share purchases that led to the trigger involved Tee Kim Tee, Prosper Capital Holdings Sdn Bhd, Mergeboom (M) Sdn Bhd and Datin Seri Kalsom Ahmad. In addition, the offerors will introduce a cash compensation scheme for eligible sellers who disposed of United Malacca shares below RM6.10 between September 2024 and 9 October 2026. The offer remains conditional on receiving enough acceptances to lift the collective holding above 50% of voting rights, with a closing date set no sooner than 21 days after the offer is posted.