United Malacca Berhad said on 12 October 2026 that the Tee family's Prosper Trading Sdn Bhd had served a conditional mandatory take-over offer for the shares it does not own at RM6.10 each in cash, valuing the offer shares at about RM670m (about US$164m).
Why Prosper Trading Sdn Bhd (Tee family) is buying United Malacca Berhad (52.34% not already held)
The offer follows Prosper's purchase of a 13.44% block from Great Eastern Life Assurance (Malaysia), which lifted the Tee family and parties acting in concert to 47.66% of the plantation company, above the 33% mandatory offer threshold.
Deal terms and financing
The offer price is the same as the price paid to Great Eastern and represents a premium of 2.52% to the last traded price before the announcement. It is conditional on the offerors holding more than 50% of the voting shares. The offerors intend to keep United Malacca listed and do not plan to use compulsory acquisition.
Regulatory approvals and timing
A copy of the offer notice was to be posted to holders of the offer shares within seven days of 12 October, followed by the offer document.
Market context
Analysts at Kenanga and TA Research advised shareholders to reject the offer, noting that it is below United Malacca's net tangible assets per share. Prosper continued buying shares on the market after the announcement.
