KUALA LUMPUR (Oct 5): Datuk Clifford Hii Toh Leong has increased his stake in Asteel Group Bhd (KL:ASTEEL) to 53.08% stake following the close of his unconditional mandatory takeover offer on Monday.
According to a press statement on Monday issued by principal adviser UOB Kay Hian (M) Sdn Bhd, Hii's investment vehicle, Hii Capital Holdings Sdn Bhd, received acceptances for 724,585 shares as at 5pm on Monday. This increases Hii's stake in the Kuching-based steel manufacturer to 270.72 million shares, up from 270 million shares (52.94% stake) at the posting date of the offer document on Sept 14.
The mandatory offer at 7.5 sen per share was triggered after Hii Capital acquired the initial 52.94% stake for RM20.25 million in August.
Hii previously stated his intention to maintain the listing of Asteel.
Hii, 43, previously held senior roles at SEG International Bhd (KL:SEG) and HCK Capital Group Bhd (KL:HCK).
He is also the founder of Gambit Group Sdn Bhd, which provides information technology services, investment and business management consultancy, and operates a Digital Asset Custodian registered with the Securities Commission Malaysia.
He is the son of Tan Sri Clement Hii Chii Kok, the founder and executive chairman of property developer HCK Capital and group managing director and major shareholder of private education group SEG International.
UOB Kay Hian is the principal adviser to Hii Capital and Hii for the takeover offer.
Separately in its bourse filing on Monday, the group announced that it has secured a RM15.8 million contract from H.N. Lau Agency Sdn Bhd for the proposed construction of a three-storey multi-level logistics complex in Shah Alam, Selangor.
The group said, Asteel Synergy Sdn Bhd, a wholly owned subsidiary of Asteel Resources Sdn Bhd, which in turn is 80.36% owned by Asteel will supply labour, supervision and tools for the project, which will take 11 months to complete.
Asteel shares ended flat at 9.5 sen on Monday, giving the group a market capitalisation of RM48.5 million.