In May, Lim made a conditional mandatory general offer to buy out the group’s minority shareholders with an offer price of 22 sen per share.

The independent adviser has deemed the takeover offer as “not fair” and “not reasonable” since the offer price represents a discount of approximately 37.14% to the estimated value of the group’s shares of 35 sen based on revalued net asset value.

It also said the group’s shares will remain tradeable on the main market of Bursa Malaysia and hence, the shareholders will still have the opportunity to realise their investment in the group in the open market after the closing date.

“The non-interested directors (collectively Kalimullah Masheerul Hassan, Kamarudin Md Ali, Mahadzir Azizan and Oh Teik Khim) have concurred with the opinion of DWA Advisory that the offer is not fair or reasonable, and recommend that the shareholders reject the offer,” it said.