YTL Cement Bhd has increased its stake in Concrete Engineering Products Bhd to 70.22% following the close of its mandatory general offer (MGO), up from 53.49% previously.
According to CIMB Investment Bank, the YTL Corporation Bhd unit received acceptances for 12.49 million shares, or 16.73%, bringing its total shareholding in the company to 52.4 million shares.
Concrete Engineering Products manufactures and sells prestressed spun concrete piles and poles used in infrastructure, building and utility projects across multiple regions, including Asia, Africa, Oceania and the Gulf.
The MGO was triggered after YTL Cement became a substantial shareholder in April, when it acquired a 53.49% stake in the company for RM103.79 million.
The offer price was set at RM2.60 per share, and YTL Cement has stated its intention to maintain the company’s listing on Bursa Malaysia’s Main Market.
Following the offer, Concrete Engineering Products’ shares have risen 40%, while year-to-date gains have more than doubled.
