Hing Yiap receives bid from major shareholder

CLOTHES maker Hing Yiap Group Bhd (7722)has received an unconditional takeover offer from its largest shareholder at RM1.50 a share.

The shareholder, Everest Hectare Sdn Bhd, bought a 50.5 per cent stake in Hing Yiap yesterday from some of the group's directors for RM31.35 million or RM1.50 a share.

This triggered the buyout offer for the rest of the shares, which last traded at RM1.79.

Everest, which is one-half owned by Ng Chin Huat, managing director of another garment maker, Asia Brands Corp Bhd, ultimately aims to maintain Hing Yiap's listed status.- by btimes.com.my