KUALA LUMPUR (May 12): Hong Leong Asia Ltd — through subsidiaries HL Cement (Malaysia) Sdn Bhd and Ridge Start Ltd — have further cemented their ownership of loss-making cement manufacturer Tasek Corp Bhd, launching an unconditional voluntary takeover of the shares they do not own for RM5.80 apiece.
 
In a bourse filing today by Tasek, HL Cement and Ridge Star said that they would be launching the unconditional voluntary takeover of 11.84% of ordinary shares and 35.09% of preference shares they do not own in the cement maker.

The offer price of RM5.80 apiece is applicable to both the preference shares and ordinary shares.

HL Cement and Ridge Start controlled 79.91% and 8.26% of Tasek’s ordinary shares respectively, bringing the total indirect stake held by HLA to 88.16%.
In terms of the preference shares, HL Cement controlled a 64.91% stake.

“The offer will remain open for acceptances until 5:00pm (Malaysian time) on the 21st day after the posting date (first closing date) or such later date as the joint offerors may decide and as may be announced by CIMB, on behalf of the joint offerors (closing date) at least two days before the closing date, unless the joint offerors withdraw the [offer] with the SC’s written approval and in such event, every person shall be released from any obligation incurred under the offer,” it said.

HLA does not have any plans to maintain Tasek’s listing status.

On May 28 last year, the joint offerors had offered RM5.50 apiece for Tasek’s ordinary and preference shares. The offer was raised to RM5.80 on Aug 5, 2019 and closed on Aug 19, 2019. 

On Aug 19, 2019, the joint offerors held 88.16% of the ordinary shares and 64.91% of the preference shares. 

Since May last year, Tasek had failed to meet the public shareholding requirement of 25% and was given two extensions to comply. 

Shares in Tasek closed 1.75% or 10 sen lower at RM5.62, giving it a market capitalisation of RM694.75 million.