Tasek on the look out for more acquisitions

Tasek on the look out for more acquisitions
Published: 02 May 2008

Malaysian maker Tasek Corp Bhd, which recently announced a RM751m purchase, is still on the lookout for more acquisitions.
 
"We have a team that looks at potential opportunities. I’m part of the team. We can’t be sitting down in the office," said executive director Datuk Teo Tong Kooi after the company’s annual general meeting in Sungai Buloh, Selangor, yesterday.
 
Teo stressed that Tasek’s main priority now is to complete its recently announced proposal. Tasek is buying Hong Leong Asia Ltd’s building material business for SG RM751m in an all- share deal.
 
The deal will pave way for Tasek to become a regional building material player.
 
"Tasek, since 1964, has been a one-product Malaysian-based company.
 
Hong Leong Asia is the single-largest building material company in Singapore. "We also have operations in Indonesia as well as South Johor. We hope that with this integration, we’ll make Iskandar Development their (Tasek’s) project. So, right away we give Tasek a gateway to Singapore, South Johor and Indonesia," Teo said. Teo hopes the acquisition will be concluded around September.