KUALA LUMPUR: MWE Holdings Bhd’s "non-interested" directors have requested for a further one month to deliberate on the RM391.4mil takeover offer from director Tan Sri Surin Upatkoon via his investment vehicle Pinjaya Sdn Bhd.

The Penang-based garment maker, which is also involved in businesses ranging from telecommunications to property, told Bursa Malaysia that the directors were asking for the offer period, which ends at 5:30pm on Dec 10 (Thursday), to be extended till 5.30pm on Jan 9, 2016.

They had accordingly written to Pinjaya for the extension of time, MWE said.

Pinjaya, which is MWE’s largest shareholder with a 30.8% stake, is offering to acquire the entire business and undertaking of MWE for RM391.4mil or RM1.70 per share.

MWE announced on Nov 30 that the offer would be open for acceptance until 5:30pm on Dec 10 unless extended by the offeror.

Surin and his son Krian Upatkoon, who is an executive director of MWE, are abstaining from deliberating and voting on the proposals, which also include a distribution (via a special dividend) and/or a capital repayment exercise to return RM1.70 per MWE share to all entitled shareholders.

Pinjaya proposed to pay part of the purchase consideration in cash while the rest (RM123.91mil) through the proposed distribution. The amount due to Pinjaya from the distribution is to be set off against part of the deferred amount.

After the proposed distribution is completed, Pinjaya will seek to delist MWE.

In its earlier announcement to the bourse, MWE said its board would be appointing “the relevant advisors” before deciding on the next course of action in respect of Pinjaya’s offer.

MWE shares closed unchanged at RM1.59 on Wednesday. Its share price has been climbing starting early October. Since Nov 27 (the trading day just prior to the date of the takeover announcement), the shares have gained 20.4%.