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Techbase, along with its subsidiaries Honsin and HiQ, has teamed up with T1, an investment company led by Mr. Leong Seng Wui, to jointly acquire SMI. Together, they now hold over 33% of SMI's shares, triggering a mandatory general offer (MGO) to buy the remaining shares and potentially take full control of SMI.
Francis Leong and two subsidiaries of Techbase Industries Bhd—are offering 45 sen per share to acquire the remaining shares they do not already own, according to its filing with Bursa Malaysia Securities. They now control more than half of the issued shares in SMI.