Hextar Portfolio Sdn Bhd’s conditional voluntary takeover offer for Hextar Retail Bhd has turned into a mandatory offer after the company acquired an additional 4.82% stake in the retailer.
Hextar Portfolio purchased an additional 22.41 million shares on the open market, raising its overall stake in Hextar Retail to approximately 35.4%.
Following this latest acquisition, Hextar Portfolio now holds a total of 164.7 million shares in Hextar Retail, according to an announcement made through RHB Investment Bank Bhd.
The latest round of share purchases triggered a mandatory takeover offer for all remaining Hextar Retail shares not already owned by Hextar Portfolio, the ultimate offeror, and parties acting in concert with them, in accordance with takeover regulations governing significant shareholding thresholds.
The offer notice was first served on Hextar Retail’s board on Aug 10, on behalf of Hextar Portfolio, through RHB Investment Bank.
Hextar Portfolio is an investment vehicle owned by Datuk Ong Choo Meng that operates within the broader Hextar Group, a diversified conglomerate spanning multiple listed entities and a wide range of business sectors across various industries.
The shift from a voluntary to a mandatory offer marks a significant development in the ongoing corporate exercise, as Hextar Portfolio’s increased stake now compels it to extend the same offer terms to all remaining shareholders of Hextar Retail, potentially paving the way for a full takeover of the company should shareholder acceptance levels prove sufficient.
