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Hong Leong Asia to acquire remaining shares in Tasek

HONG Leong Asia, which holds an 88.16 per cent stake in cement maker Tasek through two subsidiaries, is acquiring all the remaining shares it does not own in the company, in a move worth about RM83.9 million (S$27.4 million). 

Hong Leong Asia, via its units HL Cement and Ridge Star, first sought to take Malaysia-listed Tasek private last year. 

On Tuesday, it launched an unconditional voluntary takeover offer for the remaining shares in Tasek, at RM5.80 for every ordinary as well as preference share. 

The ordinary shares and preference shares in Tasek last traded RM5.72 and RM6.51, respectively. 

The remaining ordinary shares in Tasek represent 11.84 per cent of the 121.1 million issued; the remaining preference shares make up 35.09 per cent of the 335,000 issued. 

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Based on the audited consolidated financial statements for the financial year ended Dec 31, 2019, the book value and net tangible asset value of the Tasek group are approximately RM512.9 million and RM511.2 million, respectively.

Shares of Hong Leong Asia, trading cum dividend, closed unchanged on Tuesday before the announcement

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