KUALA LUMPUR, March 31 (Reuters) - Malaysia’s JT International Bhd, which makes Camel and Salem brand cigarettes, said on Monday it received an 808.4 million ringgit ($247.03 million) takeover offer from its controlling shareholder, Japan Tobacco Inc.
Japan Tobacco will buy the remaining 39.63 percent equity stake it does not own in the company for 7.80 ringgit per share, according to a local stock exchange filing from JT International.
Shares of JT International last traded at 6.50 ringgit per share. The stock was suspended late Friday pending a material corporate announcement. It has climbed 5.2 percent over the past year, underperforming the benchmark index’s 10.5 percent rise.
Japan Tobacco does not intend to maintain JT International’s listing should the deal go through, according to the filing, without detailing the rationale behind the takeover.
$1 = 3.2725 Malaysian ringgit Reporting By Yantoultra Ngui; Editing by Matt Driskill