Thursday 28 Mar 2024
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KUALA LUMPUR (July 21): Hwang Capital (Malaysia) Bhd chairman Hwang Lip Teik and his company Hwang Enterprises Sdn Bhd (HESB) have gained control of  64.92% of Hwang Capital at the close of their takeover offer.

Hwang Capital had received a takeover offer from Lip Teik and Hwang Enterprises to take the group private at RM2.65 per share.

They were in control of 78.06 million shares or a 30.59% stake in Hwang Capital when posting the offer document on June 13.

At the close of the offer today, they now control 164.04 million shares or 64.92% of Hwang Capital.

Lip Teik, who is also the controlling shareholder of Hwang Enterprises, with a 61.6% stake, is the ultimate offeror in the deal.

Also acting in concert with the joint offerors are Lip Teik's brothers Lip Koon, Yee Chern, Yee Cheau and Yee Tuan, Yee Cheau's spouse Teoh Teik Kee, Lip Koon's spouse Tan Gaik Kheng, Ladies Own Sdn Bhd (LOSB), and Pensin Investments Pte Ltd.

Hwang Capital's shares closed up two sen or 0.78% at RM2.58 today, for a market value of RM658.31 million. 

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