PETALING JAYA: Datuk Clifford Hii Toh Leong, the son of journalist-turned-tycoon Tan Sri Clement Hii Chii Kok, has emerged as the controlling shareholder of Asteel Group Bhd
, triggering a mandatory takeover offer for the steelmaker.
The 43-year-old Toh Leong acquired a 52.94% stake in ASteel through direct business transactions from several shareholders for RM20.25mil, or 7.5 sen per share.
Among the selling shareholders were ASteel’s group managing director Datuk Seri Victor Hii Lu Thian and executive chairman Tan Sri Soh Thian Lai.
Via his private vehicle Hii Capital Holdings Sdn Bhd, Toh Leong is now offering a similar price to buy all the remaining 47.06% equity interest.
He would have to cough up another RM18mil for the remaining shares.
The ASteel stock closed at 7.5 sen yesterday, bringing its market capitalisation to below RM36mil.
The offer is unconditional and is not subject to any minimum acceptance level. It is notable that Toh Leong intends to maintain the listing status of ASteel on the Main Market.
Additionally, Toh Leong resigned as the non-executive director of HCK Capital Group Bhd in June 2026.
His father Clement Hii is the chairman and major shareholder of HCK.
ASteel posted a net profit of RM1.64mil in the second quarter of financial year 2026, against a revenue of RM144.73mil.
