Hong Leong Asia ups stake in cement manufacturer to 92.42%

HLA group's subsidiary buys Tasek shares for $57,823.

Hong Leong Group’s trade and industry arm Hong Leong Asia’s (HLA), through its wholly-owned subsidiary Ridge Star Limited (RSL), has acquired 30,700 ordinary shares in the capital of Tasek, a subsidiary of the company listed on the Main Market of Bursa Malaysia Securities Berhad, according to an announcement.

Also read: Hong Leong Asia to buy remaining shares of cement manufacturer

RSL acquired the shares at $1.88 (RM5.79) apiece with a total cash consideration of $57,823 (RM177,753). Following the acquisition, HLA group’s ordinary shareholding interest in Tasek is approximately 92.42%, including acceptances of the offer in the Tasek ordinary shares.

Based on the unaudited consolidated financial statements of Tasek and its subsidiaries, the book value and net tangible asset value of the Tasek Group are approximately $168.6m (RM511.4m) and $168.1m (RM509.9m), respectively in Q1.

The closing price of the Tasek’s ordinary shares on the last trading date prior to announcement, was $1.88 (RM5.79).