PETALING JAYA: Hii Capital Holdings Sdn Bhd has dispatched the offer document for its unconditional mandatory takeover offer for Asteel Group Bhd
at 7.5 sen per share.
The offer covers all remaining ordinary shares in ASteel not already held by Hii Capital, ultimate offerer Datuk Clifford Hii Toh Leong and the persons acting in concert or PACs with them.
It also extends to all new ASteel shares that may be issued before the closing of the offer arising from the exercise of outstanding options granted under the company’s employee share option scheme.
The offer is set to close on Oct 5, 2026.
ASteel’s shares last traded at nine sen per share.
UOB Kay Hian (M) Sdn Bhd, acting on behalf of Hii Capital, said the offer document dated Sept 14, 2026, together with the form of acceptance and transfer, had been dispatched to ASteel shareholders on the same day.
The offer will remain open for acceptance until 5pm on Monday, Oct 5, 2026, being the first closing date.
However, Hii Capital and Clifford may extend the acceptance period beyond the first closing date in accordance with the relevant takeover rules.
Any extension will be announced and, where required, notices will be sent to holders of the offer shares.
The takeover follows a notice of offer dated Aug 24, 2026, that was served on ASteel’s board of directors.
UOB Kay Hian is acting as adviser to the offerer for the exercise.
