Hong Leong Financial Group Berhad made an offer to acquire remaining 21.99% stake in Hong Leong Capital Berhad for MYR 88.3 million.
The transaction is subject to Securities Commission consenting to the issue of the offer document, approval by the Equity Compliance Unit of Securities Commission, Bank Negara Malaysia and other relevant regulatory approvals. The offer is not conditional on the level of acceptances received. If the unconditional date falls on any day on or before the forty sixth day from the posting date of offer, the offer will remain open for at least 14 days from the unconditional date no later than the sixtieth day from the posting date else no later than seventy fourth day from the posting of offer document. As on January 18, 2013, Hong Leong Financial has submitted an application to Bank Negara Malaysia and the Securities Commission Malaysia to seek relevant approvals.
As of February 14, 2013, Affin Investment Bank and non-interested directors of Hong Leong Capital are of the view that the offer is fair and reasonable and recommends the shareholders to accept the offer. As of February 18, 2013, Hong Leong announced that the offer has become unconditional. The offer will close on February 25, 2013. Hong Leong Financial shall not revise the offer after March 22, 2013. Joseph Soo Hong Weng and Tan Meng Kim of OSK Investment Bank Berhad acted as financial advisors for Hong Leong Financial. Affin Investment Bank Berhad acted as financial advisor to Hong Leong Capital.