Quick take: Tasek up 9.3% on privatisation offer

KUALA LUMPUR: Shares in Tasek Corp Bhd jumped 9.3% in early trade Wednesday following a takeover offer by Hong Leong Group in deal worth an estimated RM128.61mil.

The cement producer surged 9.31%, or 47 sen to RM5.52. It is currently the second top gainer on Bursa Malaysia.

The Hong Leong Group, controlled by Tan Sri Quek Leng Chan, has offered to buyout minority shareholders in Tasek for RM5.50 a share.

Quek, through his Singapore-based holding company Hong Leong Asia Ltd, controls a 80.8% equity interest in Tasek.

Tasek said it has received an unconditional voluntary takeover offer from HL Cement (Malaysia) Sdn Bhd (HLCSB) and Ridge Star Limited (RSL) — the two subsidiaries which HLA uses to control Tasek — to acquire the remaining shares they do not own in the cement maker.

Tasek said the offer price of RM5.50 per share represents a premium of 8.06% over the company’s five-day volume-weighted average price, up to and including May 27, of RM5.09.

Tasek reported a net loss of RM10.4mil on revenue of RM137mil in the first quarter ended March 31, 2019.

Source: TheStar