Halex Holdings closes tender for Kensington Development with only one bid

PETALING JAYA: Halex Holdings Bhd yesterday said a tender called to dispose of a 25% interest in Kensington Development Sdn Bhd (KDSB) held by a subsidiary Halex Realty Sdn Bhd, closed on 3 July, 2017 at 2.30 pm with the receipt of only one bid.

It did not say why it needed to sell its stake in KDSB.

To recap, Halex Holdings said its subsidiary had decided against selling the stake in KDSB to Bestempire Ltd for RM13 million in April 2017, citing an ongoing mandatory takeover offer for Halex. The offer closed in May 2017 with only a 0.01% of the issued share capital acceptance.

Halex Realty purchased the stake in KDSB from Bestempire, a company incorporated in the British Virgin Islands, in April 2014 for RM22 million.

The company's shares closed 1.5 sen or 1.6% higher at 94 sen yesterday. It holds a market capitalisation of RM105.97 million.