QL bid to take over Lay Hong puts former friends on opposing ends

IT’S not often that we get a David vs Goliath battle in corporate Malaysia and, more interestingly, when the two companies are friendly parties.

But this is precisely the crux of the matter in the unexpected corporate manoeuvring between QL Resources Bhd – a RM4.3bil-market capitalised giant – and its takeover of Lay Hong Bhd, a company with a modest market capitalisation of RM175.6mil.