Displaying items by tag: Tasek Cement

Malaysia: Singapore-based Hong Leong Asia subsidiary HL Cement Malaysia has acquired an 88% stake in Tasek Corporation. Hong Leong Asia subsidiary Ridge Star has acquired the remaining 12% minority stake. MarketLine News has reported the total value of the deal as US$19.4m.

Malaysia: Tasek Corporation has appointed Go Hooi Koon as its company secretary. She succeeds Vincent Chow Poh Jin who has resigned. Tasek operates an integrated cement plant at Tasek in Perak.

Malaysia: Hong Leong Group has offered to buy out the minority shareholders in Tasek. The offer values the cement producer at around US$160m, according to the Star newspaper. Hong Leong Group is controlled by Quek Leng Chan who owns an 80% stake in Tasek through Hong Leong Asia. If the minority shareholders accept the offer the the cement producer could become a private company. Tasek operates a 2.3Mt/yr integrated plant in Perak state.

Malaysia: Tasek Corp Bhd has announced a net profit of US$9.7m in the second quarter of 2014, an increase of 42.5% from a net profit of US$6.8m in the same quarter of 2013. Its revenue was 20.8% higher year-on-year at US$53.6m, compared with US$44. The company said that the higher revenue was mainly due to higher demand for cement in Malaysia, with its concrete and aggregate units performing less well.

For the six months to 30 June 2014, Tasek's net profit climbed by 28.7% year-on-year to US$17.6m from US$13.6m in the same period in 2013. Revenue grew by 20.3% to US$104m from US$86.1m a year earlier.

"The ongoing government projects under the Economic Transformation Programme such as the MRT (mass rapid transit) and LRT (light rail transit) line extension projects, are expected to continue to lead the construction sector's growth in the remaining months of 2014," said the company in a statement to the Malaysia Bourse. It anticipates that its performance will 'continue to be positive' in the third quarter of 2014.