KUALA LUMPUR (Nov 3): Lysaght Galvanized Steel Bhd said today it has received notification that no further action is required in relation to Chew Bros (M) Sdn Bhd’s acquisition of an 11.63% stake in upstream company Lysaght (Malaysia) Sdn Bhd (LMSB). Chew Bros acquired the stake from Singapore-listed United Engineers Ltd (UEL), bringing its stake in LMSB to 51.63% from 40%. The acquisition raised the question whether a mandatory general offer (MGO) for Lysaght had been triggered by Chew Bros as its interest in LMSB was raised. Chew Bros is the private vehicle belonging to the family of Lysaght’s late founder Chew Kar Heing. Some quarters believed the Chew family’s investment vehicle would be obliged to make an MGO for Lysaght, pursuant to Practice Note 9 (PN9) of the Malaysian Code on Take-Overs and Mergers 2010 under “acquisition of a company through an upstream entity”.

Source: The Edge Markets November 03, 2016 15:58 UTC