Hwang Capital up 18% on buyout offer from its chairman

Kuala Lumpur

HWANG Capital (Malaysia) Bhd leapt nearly 18 per cent to RM2.60 on Tuesday after its chairman Hwang Lip Teik offered RM2.65 cash per share or some RM469 million (S$157.6 million) in a bid to take the money lender private.

Mr Hwang's offer to privatise the company of which DBS Bank is a key shareholder, provided a momentary spark to the market which has slipped about 5.5 per cent in the past month on lacklustre interest and foreign selling.

According to MIDF Research's weekly flow report, foreign investors net sold about RM1.2 billion worth of equities last week from RM1 billion in the preceding week. It was the fourth straight week of disposals. Malaysia along with most Asian markets has seen an outflow of funds ahead of a potential interes…