Hong Leong Asia garners 97% stake in Tasek Corp via VGO

TheEdge Mon, Aug 03, 2020 08:37pm - 6 months ago

KUALA LUMPUR (Aug 3): Tasek Corp Bhd's controlling shareholder Hong Leong Asia has garnered 97.19% shareholding in the cement manufacturer as at the close of the unconditional voluntary takeover offer (VGO) at 5pm today, according to the filing with Bursa Malaysia.

The VGO at RM5.80 per share, which was launched by Hong Leong Asia's investment vehicles HL Cement (Malaysia) Sdn Bhd and Ridge Star Ltd, was to pave way for a privatisation exercise.

Tasek Corp shares will be suspended on Aug 11, the filing said.

To ensure success of the privatisation exercise, Hong Leong Asia raised the offer price from RM5.50 per share to RM5.80. Meanwhile, it also extended the closing of the VGO twice from the initial date on June 23.

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