Three major shareholders of Malaysia’s Ingress Corporation, a manufacturer of body parts for Malaysia’s leading automakers, have launched a take over bid for the Kuala Lumpur-listed company.

The management buy-out was launched by the company’s executive vice chairman, Datuk Rameli Musa, company founder Datuk Dr Ab Wahab Ismail and private company Ramdawi Sdn Bhd.

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Between them they control close to 30% of the company’s shares. They offered MYR 1.85/share for the outstanding shares in the company.

If the bid is successful, the new owners plan to de-list the company.

Ingress made a net profit of MYR 20.15m in the financial year ended on 31 January 2013, compared with MYR 22.15m the previous year.

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