KUALA LUMPUR: HONG LEONG INDUSTRIES BHD [] is acquiring the entire equity interest of Hume Industries (Malaysia) Sdn Bhd (HLMG) for RM235.2 million under a corporate exercise which involved several companies in the Hong Leong group.
HL Industries said on Thursday, Nov 18 it was acquiring Hume from Hong Leong Manufacturing Group Sdn Bhd via the issuance of 46.759 million new shares.
It had on Tuesday, Nov 16 entered into a conditional subscription agreement with Hume Cement Sdn Bhd and HLMG to subscribe up to 175 million six-year 2% non-cumulative irredeemable convertible preference shares at the par value of RM1 each to be satisfied by cash.
HL Industries would then undertake a rights issue of up to 159.736 million new shares on the basis of one rights share for every two shares held at an indicative issue price of RM1.45 per rights share.
HL Industries proposes to distribute up to 119.80 million shares in MALAYSIAN PACIFIC INDUSTRIES [] Bhd (MPI) to the HL Industries shareholders on the basis of 75 MPI shares for every 300 HL Industries shares held.
HL Industries said on Thursday, Nov 18 it was acquiring Hume from Hong Leong Manufacturing Group Sdn Bhd via the issuance of 46.759 million new shares.
It had on Tuesday, Nov 16 entered into a conditional subscription agreement with Hume Cement Sdn Bhd and HLMG to subscribe up to 175 million six-year 2% non-cumulative irredeemable convertible preference shares at the par value of RM1 each to be satisfied by cash.
HL Industries would then undertake a rights issue of up to 159.736 million new shares on the basis of one rights share for every two shares held at an indicative issue price of RM1.45 per rights share.
HL Industries proposes to distribute up to 119.80 million shares in MALAYSIAN PACIFIC INDUSTRIES [] Bhd (MPI) to the HL Industries shareholders on the basis of 75 MPI shares for every 300 HL Industries shares held.
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