KUALA LUMPUR: YTL Cement Bhd today issued the offer document in relation to its unconditional mandatory takeover offer for the remaining shares it does not own in Concrete Engineering Products
Bhd (CEPCO), giving the first closing date of the offer as May 13 at 5 pm.
The cash offer of RM2.60 per share follows its acquisition of 53.49 per cent equity interest in the producer of prestressed spun concrete piles and poles for RM103.79 million.
The offer has therefore been extended to the remaining 46.51 per cent stake, representing 34.71 million shares not already owned by YTL Cement and persons acting in concert.
YTL Cement said the acquisition and subsequent offer are in line with its strategy to expand its precast concrete manufacturing segment and strengthen vertical integration across its cement, aggregates and construction materials businesses.
"The precast concrete manufacturing sector is expected to accelerate, driven by increasing demand for precast concrete products due to higher productivity, faster delivery and better efficiencies in the construction of public infrastructures, residential housing and industrial buildings including data centres,” it said.
YTL Cement also said it intends to maintain CEPCO’s listing status on the Main Market of Bursa Malaysia.
CEPCO shares rose three sen to RM2.63 at 10.56 am, with 42,000 shares traded. - Bernama
