JAKARTA – Penfabric Sdn Berhad is allocating IDR 28.88 billion for the tender offer of 72.22 million shares of PT Century Textile Industry Tbk (CNTX) that took place earlier today (4/11). The number of shares offered in said corporate action is equal to 36.11% of its issued and paid-up capital.

In the prospectus quoted Monday (4/11), the tender offer of CNTX’s shares is related to the company’s intention to go private, following its consecutive losses, no dividend in sight since 2005, failure to meet free float rate, and its inactivity in daily transaction.

Penfabric, CNTX’s shareholder, then sets the offering price to IDR 400 per share or 181.7% higher than the average price within the past 90 days prior to go-private plan announcement on August 19, 2024, of IDR 142 per share.

Penfabric is known to own 60 million shares, equal to 30% of total shares issued by CNTX. Penfabric, however, is 100% owned by Toray, Japan.

As of March 2024, Penfabric reported CNTX's revenue reaching MYR 493.43 million, with operating profit of MYR 2.27 million, profit before taxes of MYR 6.44 million, and loss after taxes of MYR 605 thousand.

Total asset of this company reached MYR 549.71 million, with total liabilities of MYR 67.48 million, and total equity of MYR 482.22 million. (LK/ZH)