KUALA LUMPUR (May 13): At the close of YTL Cement Bhd’s mandatory general offer (MGO) for Concrete Engineering Products Bhd (KL:CEPCO), its stake in the company had increased to 70.22%, up from 53.49% previously.
CIMB Investment Bank said the building material unit of YTL Corporation Bhd (KL:YTL) received acceptances for 12.49 million shares, or 16.73%, bringing its total holding in Concrete Engineering Products to 52.4 million shares.
Concrete Engineering Products is involved in the manufacture and sale of prestressed spun concrete piles and poles, which are widely used in infrastructure, building and utility projects across Asia, Africa, Oceania and the Gulf region, according to its latest annual report.
On April 1, YTL Cement said it was acquiring the remaining shares it did not own in Concrete Engineering Products at RM2.60 per share.
The MGO was triggered as YTL Cement emerged as a substantial shareholder of Concrete Engineering Products after acquiring 32.93 million shares or a 53.49% stake in the company for RM103.79 million.
YTL Cement had said it intends to maintain Concrete Engineering Products’ listing status on the Main Market of Bursa Malaysia.
Concrete Engineering Products’ share price closed up one sen or 0.38% at RM2.61 on Wednesday, giving the company a market capitalisation of RM195 million.
Since the launch of the MGO, Concrete Engineering Products has gained 40%. Year to date, the stock has more than doubled from RM1.08.
YTL Corp’s share price closed down nine sen or 3.88% at RM2.23, bringing the group a market cap of RM26.04 billion.