KUALA LUMPUR: The doors are now wide open for the potential entry of SP Setia Bhd's Tan Sri Liew Kee Sin into Focal Aims Holdings Bhd after the latter accepted his eldest son's takeover bid, analysts said.
Focal Aims on Tuesday announced that it had accepted the offer by Liew Tian Xiong and Eco World Development Sdn Bhd to buy a 65 per cent stake at RM1.40 per share.
Subsequently, Liew, who is seen as a proxy for his father, and Eco World have extended their offer to buy the remaining Focal Aims shares.
The news sent Focal Aims shares higher yesterday as investors were excited at the prospect of the senior Liew joining Focal Aims to make it another SP Setia, analysts said.
Investors pushed the stock to an intra-day high of RM2.32 before it settled at RM2.19 yesterday, with 10.4 million shares changing hands. On Tuesday, it closed at RM2.16.
CIMB Research recently noted that Liew had confirmed his departure from SP Setia and is likely to retire in March next year when the third put option at RM3.95 per share for his remaining stake in SP Setia is due.
Liew reportedly has 67.79 million shares, or 2.76 per cent stake, left in the country's largest property company by sales.
Prior to the takeover offer, Focal Aims is a low-key property developer with large tracts of land in Johor. Its share price had lingered below 60 sen for the past few years.
The men behind Eco World are Tan Sri Abdul Rashid Abdul Manaf and Datuk Leong Kok Wah. Both had been long-time board members of SP Setia.
The duo's close connection with Liew, who is SP Setia's president and chief executive, has led to speculation that Focal Aims would be a vehicle for him to mould after SP Setia.