Hextar Portfolio raises Hextar Retail stake, triggers mandatory offer
KUALA LUMPUR: Hextar Portfolio Sdn Bhd's conditional voluntary takeover offer for Hextar Retail Bhd has turned into a mandatory offer after acquiring an additional 4.82 per cent stake.
KUALA LUMPUR: Hextar Portfolio Sdn Bhd has transformed its conditional voluntary takeover offer for Hextar Retail Bhd into a mandatory offer, after acquiring an additional 4.82 percent stake. The investment firm increased its shares in Hextar Retail to approximately 35.4 percent, by purchasing 22.41 million shares on the open market.
This acquisition, detailed in an announcement made through RHB Investment Bank Bhd, brought Hextar Portfolio's stake to 164.7 million shares in Hextar Retail. Following this, a mandatory takeover offer was triggered for all remaining shares not already owned by Hextar Portfolio, according to a notice served on Hextar Retail's board on August 10.
Hextar Portfolio, owned by Datuk Ong Choo Meng, is part of the Hextar Group, a conglomerate involving multiple listed entities and various sectors.
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