Mon, Aug 19, 2019 – 8:42 PM
HONG Leong Asia’s takeover offer for its Malaysian subsidiary Tasek closed at 5pm on Aug 19, with Hong Leong Asia holding an 88.16 per cent stake.
In May, Hong Leong Asia had launched an offer – via its units HL Cement and Ridge Star – to acquire the shares of Tasek that it did not own, at RM5.50 per share. This was raised to RM5.80 per share on Aug 2.
Prior to the offer, Hong Leong Asia had an 80.8 per cent stake in cement producer Tasek.
At the close of the offer, the joint offerors held 88.13 per cent of Tasek’s ordinary shares, or 88.16 per cent including acceptances pending verification.
Hong Leong Asia’s preference shareholding interest in Tasek has also increased to 64.91 per cent from 63 per cent previously.
Hong Leong Asia shares closed up 1.5 Singapore cents or 2.66 per cent at S$0.58 on Monday before the announcement.