Mytech executive chairman launches mandatory takeover offer at 30 sen

PETALING JAYA: Mytech Group Bhd has received a conditional mandatory takeover offer from its 79-year-old executive chairman Tan Sri Cheng Joo Teik, following share acquisitions that lifted his and persons acting in concert (PAC) collective stake in the company to 47.52%.

The 30 sen per share offer seeks to acquire the remaining 129.16 million Mytech shares not already owned by Joo Teik and the PACs, representing 52.48% of Mytech’s total issued shares.

The offer price represents a 7.7% discount to Mytech’s last traded price of 32.5 sen and is 5.8% below its five-day average of 31.9 sen.

According to a filing with Bursa Malaysia, Mytech noted the takeover was triggered after Gain Millen Sdn Bhd — the vehicle 80%-controlled by Joo Teik — acquired a 17.77% stake from Zetrix AI Bhd managing director Wong Thean Soon and former Mytech chairman Datuk Lim Kim Huat for RM13.1mil.

Gain Millen’s remaining 20% is held equally by Joo Teik’s sons, Datuk Douglas Cheng Heng Lee and Andrew Cheng Heng Jin, with 10% each.

Prior to the acquisitions, Gain Millen held 24.33%, while Cheng personally held 0.41%.

PACs, including Heng Lee and Lim, with each holding 5.01% and 0.55%, respectively.

Upon completion of the acquisitions, the combined stake of Gain Millen, Cheng, and the PACs increased from 30.30% to 47.52%, triggering the mandatory takeover offer.

"All the offer shares validly accepted under the offer will accrue to Gain Millen," the filing noted.

Cheng was first appointed to the Mytech’s board on Dec 6, 2006 as executive director and was subsequently redesignated as executive chairman on Sept 18, 2025.