KUALA LUMPUR: Hong Leong Financial Group Bhd (HLFG) has launched a conditional voluntary takeover offer to acquire all the shares not already owned by them in Hong Leong Capital Bhd (Hong Leong Cap) at cash offer price RM1.71 per share.
The offer price works out to a 20.4% premium over Hong Leong Cap's last traded price of RM1.42 per share before it was suspended last Friday.
HLFG currently owns 79.1% or 195.3 million shares in Hong Leong Cap.
“HLFG does not intend to maintain the listing status of Hong Leong Cap and does not have intention to undertake any steps to address the shortfall in its public shareholding spread requirement,” said the notice of the takeover.
It is understood that this exercise is part of the group restructuring that should reduce the number of the listed financial entities under the Hong Leong umbrella and also see the investment bank, which is currently parked under Hong Leong Cap into Hong Leong Bank Bhd.
The Star Online
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