KUALA LUMPUR: The acceptances on Hume Industries (M) Bhd's 13,100 shares to Spectrum Arrangement Sdn Bhd's (SASB) takeover offer have been verified and confirmed, said Hong Leong Investment Bank Bhd on April 13.  

In a statement, Hong Leong Investment Bank said: “On behalf of SASB, we wish to announce that as at 5pm Malaysian time on April 5, 2010 being the closing date of the offer, SASB has received acceptances of 13,100 Hume shares which are subject to verification. SASB has verified and confirmed that the acceptances are complete and valid in all respects.”

As such, SASB, a wholly owned subsidiary of Hong Leong Company (M) Bhd, held 180.8 million Hume shares representing 98.85% of its issued and paid-up share capital as at April 12, excluding treasury shares.

Tycoon Tan Sri Quek Leng Chan, who is chairman and CEO of Hong Leong Company, had been bidding to gain full control of Hume, which was 65.07% held by SASB at the time of the privatisation announcement in January this year. The offer price in January had been RM4.30 per share but had been revised to RM4.50 in March.

Hume had been 64.94% directly held by Hong Leong Company previously with this stake transferred to SASB shortly before the announcement of the takeover offer in January.

It has been reported that SASB did not intend to maintain Hume’s listing status. Hume, which manufactures and sells building materials such as cement, steel products and premix road surfaces, closed unchanged on April 13 at RM4.49 per share.

Hume also holds a 41.46% stake in Southern Steel Bhd.