Boustead Holdings Bhd today announced a mandatory takeover offer (MTO) of all remaining shares in Pharmaniaga Bhd not already owned by the company, for a cash offer price of RM5.75 per share.

In a filing to Bursa Malaysia, it said the sale and purchase agreement (SPA) with regard to the proposed acquisition of equity in Pharmaniaga has become unconditional and as a result, it now owned 92.868 million Pharmaniaga shares representing 86.81 per cent of its issued and paid-up share capital.

Boustead had entered into the SPA last June with the intention of holding a controlling interest in Pharmaniaga as it was optimistic of the latter's potential.

The company also intends to retain the listing status of Pharmaniaga. -- Bernama