Clifford Hii's Asteel holding reaches 53.08% as takeover offer closes
The steel manufacturer also announced a RM15.8 million contract for a logistics complex in Shah Alam, Selangor.
Datuk Clifford Hii Toh Leong now holds 270.72 million shares in Asteel Group Bhd, representing a 53.08% stake, after his unconditional mandatory takeover offer closed on Oct 5.
UOB Kay Hian (M) Sdn Bhd, the principal adviser for the offer, said Hii Capital Holdings Sdn Bhd had received acceptances covering 724,585 shares by 5pm. Hii's holding stood at 270 million shares, or 52.94%, when the offer document was posted on Sept 14.
Hii Capital's purchase of the initial 52.94% holding in August for RM20.25 million triggered the mandatory offer, priced at 7.5 sen per share. Hii had previously said he intended to keep Asteel listed.
In a separate Bursa filing on Oct 5, Asteel reported winning a contract worth RM15.8 million from H.N. Lau Agency Sdn Bhd. The work relates to a proposed three-storey logistics complex with multiple levels in Shah Alam, Selangor.
Asteel said Asteel Synergy Sdn Bhd would provide the project's labour, tools and supervision, with completion taking 11 months. The contractor is wholly owned by Asteel Resources Sdn Bhd, in which Asteel holds 80.36%.
