PETALING JAYA: Concrete Engineering Products
Bhd has received an unconditional mandatory take-over offer from YTL Cement Bhd worth RM2.60 per share.
In a filing with Bursa Malaysia, the company said this offer entailed the acquisition of a 53.49% stake or 39.92 million shares in Concrete Engineering for RM103.79mil.
YTL Cement, the building materials unit of YTL Corp Bhd, previously did not hold any shares in Concrete Engineering, and has entered into unconditional share purchase agreements with several vendors.
The acquisition will give YTL Cement a controlling stake, thereby triggering a mandatory take-over offer for all remaining shares in Concrete Engineering not already held by YTL Cement, in line with the Capital Markets and Services Act.
The offer price of RM2.60 per share represents a premium of 39% to Concrete Engineering’s closing price of RM1.87 as at March 31, 2026. It also reflects a 40.7% premium to the five-day volume weighted average market price (VWAMP) of RM1.85.
The offer price represents the highest premium of 96.2% to the one-year VWAP of RM1.32.
The acquisition will be satisfied entirely in cash. YTL Cement said it had sufficient financial resources to satisfy the full acceptance of the offer.
YTL Cement intends to maintain the listing status of Concrete Engineering on the Main Market of Bursa Malaysia.
Concrete Engineering is engaged in the manufacturing and sale of pre-stressed spun concrete piles and poles, which are widely used in infrastructure, building and utility projects across Asia, Africa, Oceania and the Gulf region.
Among the sellers were Inch Kenneth Kajang Rubber PCL, which holds a 19.32% stake in Concrete Engineering, as well as Datuk Che Muhamad Fasir Samsudin and his son, Muhammad Firdaus Muhamad Fasir.
Muhamad Fasir disposed of a 4.09% stake, while his son sold a 4.67% interest.
In a separate filing, Inch Kenneth Kajang Rubber said it was disposing of its stake in Concrete Engineering for RM37.48mil to YTL Cement. The company made a gain of RM19.97mil from the disposal.
