Hextar Retail Berhad has received a conditional voluntary takeover offer from Hextar Portfolio Sdn Bhd to acquire all remaining shares in the company not already owned by the offeror and its ultimate offeror at RM0.43 per share in cash.
RHB Investment Bank Berhad, acting on behalf of Hextar Portfolio, served the notice of offer on HEXRTL’s board on 10 August 2026.
The offer covers all remaining ordinary shares in HEXRTL, excluding treasury shares.
As at the date of the offer, HEXRTL has 464.996 million shares in issue, excluding 36.104 million treasury shares.
Hextar Portfolio currently owns 142.292 million shares, representing approximately 30.6% of HEXRTL’s issued shares excluding treasury shares.
The offer is being undertaken on behalf of Dato’ Ong Choo Meng, who is the ultimate offeror, as well as the sole shareholder and director of Hextar Portfolio.
Dato’ Ong Choo Meng does not directly hold any HEXRTL shares as at the date of the takeover notice.
The voluntary takeover offer is subject to a key condition that Hextar Portfolio receives valid acceptances by the closing date which result in the offeror and ultimate offeror collectively holding more than 50% of HEXRTL’s voting shares.
The calculation will include shares already acquired, held or entitled to be acquired or held by the offeror and ultimate offeror.
The offer will also be extended to Dato’ Ong Kook Liong, who has been identified as a person acting in concert with the offeror and ultimate offeror.
Dato’ Ong Kook Liong is presumed to be acting in concert with Dato’ Ong Choo Meng under the Capital Markets and Services Act 2007, as both are shareholders of KIP Homes Sdn Bhd.
Dato’ Ong Choo Meng holds a 60% stake in KIP Homes, while Dato’ Ong Kook Liong owns the remaining 40%.
KIP Homes in turn owns the entire equity interest in KIP REIT Management Sdn Bhd, the management company of KIP Real Estate Investment Trust, which is listed on Bursa Malaysia.
As at July 31, 2026, Dato’ Ong Kook Liong held 3 million HEXRTL shares, representing approximately 0.6% of the company’s equity.
Other than Dato’ Ong Kook Liong, the company said there are no other persons acting in concert with the offeror and ultimate offeror who held HEXRTL shares as at the latest practicable date.
The offer does not extend to HEXRTL’s treasury shares, including any additional treasury shares that may arise from subsequent share buy-backs.
HEXRTL’s board has appointed MainStreet Advisers Sdn Bhd as its independent adviser to provide comments, opinions, information and recommendations on the takeover offer to the company’s non-interested directors and holders of the offer shares.
