Hong Leong Asia makes takeover offer for Tasek Corp

Hong Leong Asia, which currently holds an 88.16 per cent stake in Malaysia’s Tasek Corp through two subsidiaries, has reportedly launched an unconditional voluntary takeover offer to acquire the remaining shares for around MYR83.9m (US$19.35m).

The company, via its HL Cement and Ridge Star subsidiaries, had sought to take Tasek private last year, according to The Business Times Singapore.

Tasek moved from a net loss last year to an MYR4.19m profit in its 1Q20 results reported last week.