HL Cement (Malaysia) Sdn. Bhd. and Hong Leong Asia Ltd. (SGX:H22) made an offer to acquire the remaining 11.8% stake in Tasek Corporation Berhad (KLSE:TASEK) for MYR 83 million on May 12, 2020. Under the terms of the transaction, HL Cement (Malaysia) Sdn. Bhd. and Hong Leong Asia will acquire 14.3 million shares representing 11.8% stake in ordinary shares and HL Cement (Malaysia) will acquire 0.12 million shares representing 35.09% remaining preference shares in Tasek Corporation at a price of MYR 5.8 per ordinary share and MYR 5.8 per preference share. The consideration for the Offer shall be satisfied entirely in cash by HL Cement (Malaysia). The offer is not conditional upon receipt of minimum level of valid acceptances of the offer. The offer will be made in conjunction with the posting of offer document which will not be later than 21 days from the date of notice. The offer will remain open for acceptance until 21st day after the posting date. As of June 1, 2020, Hong Leong acquired 3000 shares of Tasek Corporation. Hong Leong acquired additional 20,800 shares of Tasek as of June 11, 2020. As of June 12, 2020, Board of Directors of Tasek Corporation approved the transaction and recommended the shareholders to accept the offer. The transaction is expected to be close on June 23, 2020. As of June 19, 2020, the transaction is expected to close on July 17, 2020. As of July 14, 2020, the transaction is expected to close on August 3, 2020. The expiry date for Dissenting Shareholders to exercise their right under Subsection 223(1) of the CMSA has been extended to November 4, 2020.

Perry Lye and Debbie Leong of CIMB Investment Bank Berhad acted as financial advisor for Hong Leong Asia Ltd. and HL Cement (Malaysia) Sdn. Bhd. Mercury Securities Sdn Bhd acted as the financial advisor to Tasek Corporation. Tricor Investor & Issuing House Services Sdn Bhd acted as registrar for Tasek. As of June 12, 2020, Mercury Securities said offer as fair and reasonable.