KUALA LUMPUR: Hume Industries (Malaysia) Bhd has appointed Public Investment Bank Bhd as the independent adviser to advise its independent directors and shareholders in relation to the voluntary offer by Hong Leong Company (Malaysia) Bhd (HLCM).

In a statement yesterday, Hume said the appointment was subject to the Securities Commission’s approval. HLCM’s subsidiary Spectrum Arrangement Sdn Bhd has offered to take the cash-rich company private at RM4.30 per share under the voluntary takeover offer. The offer arose after HLCM transferred its 64.94% direct stake comprising 118.8 million shares in Hume to Spectrum recently. Based on recent Bursa shareholding announcements, HLCM had direct and deemed interests totalling 120.18 million shares in Hume.

Hume manufactures concrete products, steel products and premix road surfaces. As at Sept 30, Hume had net cash and cash equivalents of RM334 million, translating into cash per share of RM1.91, and net assets per share of RM5.04.


This article appeared in The Edge Financial Daily, January 26, 2010.