Sanichi’s Jacky Pang wants to make Computer Forms ringgit note printer

SANICHI Technology Bhd founder and managing director Datuk Seri Dr Jacky Pang Chow Huat has made an unconditional mandatory general offer (MGO) at 60 sen to acquire Computer Forms (M) Bhd after acquiring 133.19 million shares or 64.97% of the 205 million issued shares in the latter via a direct business transaction yesterday (March 31).

However, the 60 sen offer was 22 sen or 26.8% lower than Computer Forms closing price of 82 sen yesterday.

The company that is engaged in printing and distributing of computer forms, stock forms and specialised forms edged up 8.5 sen or 11.56% yesterday with 1.26 million shares trade, thus giving it a market capitalisation of RM168 mil.

Datuk Seri Dr Pang Chow Huat

Based on Bursa Malaysia filing, the 60 sen price tag is apparently what Pang paid to acquire his gargantuan stake from Computer Forms’ major shareholder Tan Sri Robert Tan Hua Choon for RM79.91 mil cash.

Investors of Computer Forms will be left wondering if Pang’s “below market price” offer commensurate with his vision of making Computer Forms a currency note printer for ASEAN central banks.

“We see great potential for Computer Forms (CFM) expertise in printing high value products. Under our leadership, CFM would be printing currency notes for central banks in this region in the future, starting with Malaysia. Our team will bring CFM to new heights,” he envisages in a media statement.

“Instead of outsourcing the printing of ringgit notes to printers outside Malaysia, Bank Negara Malaysia (BNM) can print our Malaysian currency at Computer Forms and save forex outflow to overseas.”

Tan, who according to is exiting Computer Forms, had bought into the company in 2016 before making a takeover offer in October 2018 with at RM1.25 per share. At the time, the offer by the “Casio (watch brand) King” was at a premium of 34 sen or 37.36% premium to Computer Form’s last traded price of 91 sen as at Oct 23, 2018.

To-date, Computer Forms has business segments that include business forms, data print services and commercial printing.

Its products include general computer forms that range from bill of lading to stock forms which include three line form, security forms (gift voucher coupon and bank check for local banks such as CIMB, Citibank, Public Bank and RHB), optical mark recognition (OMR)/optical character recognition (OCR) forms, and mail/pressure seal mailer (pay envelope and reply envelope).

Apart from Sanichi which he holds 0.91% direct stake, Pang, 48, is also a substantial shareholder in BSL Corp Bhd (15.31%) and Fitters Diversified Bhd (7.9%) as well as several private limited companies, including a Japanese restaurant. – April 1, 2022

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