Hock Seng Lee Enterprise Sdn Bhd and Dato Yu Chee Hoe, Tony Yu Yuong Wee, Tang Sing Ngiik and Vincent Yu Yuong Yih made an offer to acquire remaining 15.8% stake in Hock Seng Lee Berhad (KLSE:HSL) for approximately MYR 120 million on February 17, 2022. Offeror to acquire 86,878,445 shares of Hock Seng Lee Berhad at a price of MYR 1.35 per share in cash. The offeror and the joint ultimate offerors intend to continue the existing businesses of the HSLB Group and do not have any plans to dismiss or make redundant any of the existing employees of the HSLB Group as a direct consequence of the offer.

Offeror does not tend to maintain the listing status of Hock Seng Lee Berhad on the Main Market of Bursa Securities post Offer. Offer is not conditional on minimum level of acceptance. Offeror will follow compulsory acquisition procedure, if required.

The offer will remain open for acceptances until April 7, 2022, being the first closing date, unless extended or revised. As on April 5, 2022, offer period has been extended to April 21, 2022. As of April 21, 2022, the offer period has been extended to May 9, 2022.

AmInvestment Bank Berhad acted as financial advisor to Hock Seng Lee Enterprise Sdn Bhd. Mercury Securities Sdn Bhd acted as financial advisor and fairness opinion provider to the the non-interested Directors of Hock Seng Lee Berhad and the holders of the Offer Shares.