Hong Leong Asia to buy remaining shares of cement manufacturer

The shares are priced at $1.9 apiece.

Hong Leong Asia (HLA) has filed an unconditional voluntary take-over offer to acquire all the remaining ordinary shares in Tasek cement manufacturing firm Tasek Corporation and the remaining 6% cumulative participating preference shares.

This represents approximately 11.84% of the total issued 121,142,931 Tasek ordinary shares and 35.09% of the total issued 335,000 Tasek preference shares, at the cash offer price of $1.9 per ordinary and preference share.

As per the announcement, Tasek has an issued and paid-up share capital of $84.42m (RM258.3m) comprising 121,142,931 Tasek ordinary shares and 335,000 Tasek preference shares.

HLA holds approximately 88.16% or 106,803,501 of Tasek’s ordinary shares and 64.91% or 217,450 of its preference shares.

The book value and net tangible asset value of the Tasek group as of 31 December are approximately $167.3m and $166.7m, respectively, whilst the closing price of the Tasek ordinary shares and the Tasek preference shares were $1.87 and $2.12 apiece, respectively.