KUALA LUMPUR :
- Hap Seng Consolidated Bhd has proposed two corporate exercises involving the disposal of the company’s commercial-vehicle business for RM750mil and the acquisition of tile maker Malaysian Mosaics Sdn Bhd (MMSB) for RM380mil.
- In filings with Bursa Malaysia, the company said it planned to sell a 51% stake in Hap Seng Commercial Vehicle Sdn Bhd (HSCV) to Lei Shing Hong Commercial Vehicles Ltd (LSHCV) for RM382.5mil cash, or RM3 per share.
- HSCV distributes Mercedes-Benz commercial vehicles and vans as well as Mitsubishi Fuso trucks in Malaysia.
- LSHCV is an indirect unit of Hong Kong-based Lei Shing Hong Ltd (LSH), a distributor of premium automobile brands such as Mercedes-Benz in China, South Korea, Vietnam, Cambodia, Taiwan, Australia and Germany.
- It has also proposed to dispose the balance of 49% of HSCV for a cash consideration of up to RM367.5mil, or RM3 per share pursuant to a put option exercise. Tan Sri Panglima Lau Cho Kun has a 37.68% stake in LSH and has a 56% stake in Gek Poh (Holdings) Sdn Bhd, the parent of Hap Seng.