KUALA LUMPUR: Hong Leong Company (M) Bhd’s (HLCM) wholly owned subsidiary Spectrum Arrangement Sdn Bhd has extended the closing date of its proposal to take cash-rich Hume Industries (Malaysia) Bhd (HIMB) private at RM4.30 per share under a voluntary takeover offer.

In a Bursa filing yesterday, HLCM said the offer had been extended to 5pm, March 25, 2010.

According to the statement, Spectrum holds an 85.85% stake comprising 157.05 million shares as a result of valid and complete acceptances received under the offer.

In order for Spectrum to trigger the compulsory sale by Hume shareholders, holders of at least 90% of the outstanding shares, 47.7 million shares, must accept the offer.

In the takeover offer notice, Spectrum said it did not intend to maintain Hume’s listing status and would not make arrangements to comply with the 25% public shareholding spread.


This article appeared in The Edge Financial Daily, March 12, 2010.