Japan’s NHF buys Malaysia's Lay Hong shares

In a filing with Bursa Malaysia yesterday, Lay Hong said the proposed private placement entailed the issuance of up to 7.62 million placement shares, representing up to about 15% of the existing issued and paid-up share capital of RM50.83mil as at March 23. Lay Hong expects to raise gross proceeds of up to RM23.1mil based on the issue price of RM3.03 per placement share. - IZZRAFIQ ALIAS / The Star (Filepic of some products)

KUALA LUMPUR: Poultry firm Lay Hong Bhd is placing out a 10% stake worth up to RM30.52mil or RM5.81 a share to Tokyo Stock Exchange-listed NH Foods Ltd (NHF) and plans to set up a joint venture (JV) with the Japanese company.

In a filing with Bursa Malaysia yesterday, Lay Hong said on Jan 8 it had entered into a share subscription agreement for the placement of 5.25 million shares to NHF.