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Tasek's shareholders get more time on takeover offer

Last update: 05/07/2019
KUALA LUMPUR, July 5 (Bernama) -- The closing time and date for acceptance of the unconditional voluntary takeover offer from HL Cement (Malaysia) Sdn Bhd (HLCSB) and Ridge Star Ltd (RSL) to Tasek Corp Bhd’s (Tasek) minority shareholders has been extended to 5 pm on July 22 from July 9.

CIMB Investment Bank Bhd in a statement today on behalf of the joint offerors, said all other details and the terms and conditions, as set out in the offer document remain unchanged.

"The notice of closing date will be despatched to the holders accordingly. Holders are also advised to carefully consider the Independent advice circular dated June 28 before making any decision,” it added.

Singapore-listed Hong Leong Asia Ltd (HLA) is the entity behind the takeover offer, reportedly involving a deal worth an estimated RM128.61 million, based on the offer price of RM5.50 for every ordinary share as well as the preference share.

On May 28, Tasek received an unconditional voluntary takeover offer from HLCSB and RSL - the two subsidiaries which HLA uses to control Tasek - to acquire the remaining shares they do not own in the cement maker.


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