Aminvestment Bank Bhd said that on behalf of the offeror to take over the remaining ordinary shares in Hock Send Lee Bhd (HSL) for a cash consideration of RM1.35 has been extended from 5 pm on April 21 to 9th May 2022.
On Thursday (Feb 17), HSL said it has received a notice of an unconditional voluntary takeover offer to acquire all the remaining ordinary shares in HSL not already owned by the joint ultimate offerors (15.8%), comprising Datuk Yu Chee Hoe, Tang Sing Ngiik, Vincent Yu Yuong Yih and Tony Yu Yuong Wee, for a cash offer per share of RM1.35. It said the joint ultimate offerors currently hold an 84.2% stake in the company.
On Friday (Feb 18), HLIB said it views this development positively as the current offer price of RM1.35 is 25% above its previous target price (TP) of RM1.08 and represents a 23% premium to KL Construction Index’s trading P/E multiple which it deems to be stretched valuations, considering that HSL is a small-cap contractor.
