This article first appeared in The Edge Financial Daily on April 5, 2018
KUALA LUMPUR: Lysaght Galvanized Steel Bhd has confirmed that CKH and LIK Family Sdn Bhd has emerged as its ultimate holding company, with an aggregate stake of 74.2%.
Lysaght said in a filing with Bursa Malaysia that it was notified of the change yesterday, which confirmed a report by The Edge Malaysia weekly in its Jan 15 edition. According to the report, CKH and LIK Family is jointly owned by Annie Chew Meu Jong (eldest daughter of the group’s founder Chew Kar Heing), her mother Lim Lee Kuan, her daughter Deborah Ho Mun Sook and uncle Chew Kar Hoo. Lysaght, the report noted, is 55.14%-controlled by Lysaght (M) Sdn Bhd, which in turn is 51.63%-owned by Chew Bros (M) Sdn Bhd. Chew Bros is thus the ultimate holding company of Lysaght.
But CKH and LIK Family has now emerged as the ultimate holding company, following a transfer of shares in Chew Bros by the estate of Kar Heing and his widow Lim. This raised its stake in Chew Bros to 74.2% from 42.8%. The Edge Malaysia weekly also reported that certain quarters are of the view that a mandatory general offer would have been triggered when CKH and LIK Family had raised its stake in Chew Bros to above 50%.