Datuk Chai Woon Chet made an offer to acquire 37.63% stake in Oversea Enterprise Berhad (KLSE:OVERSEA) from Yu Soo Chye and other shareholders for MYR 27.4 million on August 6, 2020. Under the terms of the transaction, Datuk Chai will acquire the shares for MYR 0.3 per share in cash. Yu Soo Chye provided an irrevocable undertaking not to accept the offer for the remaining 9.7 million shares or 4% stake held by him in Oversea. The transaction is not conditional upon any minimum level of acceptances. If Datuk Chai Woon Chet has received acceptances of not less than 9/10 in nominal value of the offer shares, Datuk Chai Woon Chet may acquire remaining shares of in Oversea Enterprise. The offer will be available within 21 days from the posting date, which is 21 days from August 6, 2020. As on September 7, 2020, the offer is open for acceptances till September 17, 2020. Listing of Oversea Enterprise Berhad on the exchange is expected to be retained and there will not be compulsory acquisition of shares. Denis Lim and Chun Keong Foo of Mercury securities Sdn Bhd acted as financial advisors to Datuk Chai in the transaction. Tan Meng Kim and Goh Yao Yen of UOB Kay Hian Securities (M) Sdn Bhd. acted as financial advisors for Oversea Enterprise Berhad and considers the offer as fair and recommends to shareholders. Datuk Chai Woon Chet completed the acquisition of 0.0002% stake in Oversea Enterprise Berhad (KLSE:OVERSEA) from Yu Soo Chye and other shareholders for MYR 150 on September 17, 2020. 500 shares of Oversea Enterprise were tendered as a part of the offer. Upon completion, Datuk Chai Woon Chet owns 62.37% stake in Oversea Enterprise.