KUALA LUMPUR (May 7): Wire and cable producer, Leader Universal Holding Bhd disposes of its entire 15.4% stake in Sarawak Cable Bhd to HNG Capital Sdn Bhd (HNGC) as part of the latter's takeover of the group.
In a statement on Bursa Malaysia on Monday, the group said it and HNGC had mutually agreed to the disposal of its stake in Sarawak Cable and had completed it on Monday in accordance with the terms and conditions of the sales of business agreement (SBA) between the two companies.
Earlier today, reported that some 20.74 million shares or a 15.4% stake in Sarawak Cable had been traded off-market on Monday morning.
The tranche worth RM35.3 million was done in an off market cross trade at RM1.71 per share, which was a 10.5% discount to its current market price of RM1.91.
In October 2011, Leader Universal's top officials, via HNG Capital made a takeover offer for the group for RM480.10 million or RM1.10 per share.
It said the purchase consideration would be RM410.94 million in cash and RM69316 million as an amount remaining due and owing HNGC as a debt due to Leader.