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KUALA LUMPUR: YTL Cement Bhd has increased its shareholding in Lafarge Malaysia Bhd to 76.98% following the conclusion of a mandatory general offer (MGO).
In a filing with Bursa Malaysia yesterday, Maybank Investment Bank said the MGO, at RM3.75 a share, was concluded yesterday with YTL Cement acquiring an additional 220.72 million shares or 25.98% of Lafarge. YTL Cement — a 98% subsidiary of YTL Corp Bhd — had previously said it would maintain the listing status of Lafarge Malaysia. Bursa Malaysia’s listing requirements mandate a minimum 25% public shareholding spread.
On May 6, YTL Cement concluded its purchase of 51% of Lafarge Malaysia from Associated International Cement Ltd. It paid RM1.63 billion or RM3.75 a share for the 433.34 million shares, following which it extended an MGO for the remaining shares not owned by it.
This article first appeared in The Edge Financial Daily, on June 14, 2019.
