Asia
Asteel Group Receives Mandatory Takeover Offer
Asteel Group (KLSE:ASTEEL) received an unconditional mandatory takeover offer of 0.075 ringgit per share after Hii Capital agreed to acquire a controlling 52.94% stake in the company, according to a Monday Bursa Malaysia filing.Hii Capital had signed an unconditional share sale agreement to buy 270 million shares in the steel and metal roofing products maker for 20.3 million ringgit.The acquisition triggered a mandatory offer for all remaining shares and any new shares arising from outstanding employee options.Meanwhile, the offeror intends to maintain the company's listing status.
KLSE:ASTEEL
