Halex to seek nod for sale of Kensington Development stake by tender

PETALING JAYA: Halex Holdings Bhd’s subsidiary Halex Realty Sdn Bhd will seek shareholders’ approval at its AGM to dispose of its 25% stake in Kensington Development Sdn Bhd by tender, after the completion of the ongoing mandatory takeover offer exercise.
It did not say why it needed to sell its stake in Kensington Development.
In an announcement last Friday, Halex Holdings said its subsidiary had decided against selling the stake in Kensington Development to Bestempire Ltd for RM13 million, considering the ongoing mandatory takeover offer of Halex. It will instead wait for the conclusion of the offer and then hold a tender exercise for the stake in Kensington Development.
Halex Realty purchased the stake in Kensington Development from Bestempire, a company incorporated in the British Virgin Islands, in April 2014 for RM22 million.