Quek makes voluntary takeover offer for Hume

Quek makes voluntary takeover offer for Hume
Published: 2010/01/15

Tycoon Tan Sri Quek Leng Chan has made a voluntary takeover offer for Hume Industries (Malaysia) Bhd, with the aim of taking the manufacturer of concrete products private.

Hong Leong Co (Malaysia) Bhd's (HLCM) wholly-owned unit, Spectrum Arrangement Sdn Bhd, is offering RM4.30 cash per share in Hume.

Quek is HLCM's director and substantial shareholder.

Spectrum directly holds 118.8 million Hume shares, representing 64.94 per cent of the issued capital.

In a letter by Hong Leong Investment Bank to Hume, Spectrum said the offer is not conditional upon any minimal level of acceptance of the offer shares as it already owns more than 50 per cent of the voting shares in Hume.

Spectrum also plans to delist Hume from Bursa Malaysia if it receives acceptance in aggregate of more than 75 per cent of Hume shares.

Hume shares were placed on a trading halt yesterday, pending the release of the announcement.

Its shares rose 15 sen to RM4.15 before the suspension. Trading in the shares will resume from 10am today.