NatSteel shareholder meeting takes place today

NatSteel shareholder meeting takes place today

The Indonesian businessman Oei Hong Leong continued to purchase NatSteel shares in the open market yesterday and increased his stakes to 29.25%. With this level of shares, Oei Hon Leong remains just below the 30% threshold of 30% where he has to make a general offer under the Singaporean investment law. The Takeover Code requires that he makes a general offer at the highest price he paid for the shares which is S$2.05 up until now. According to a letter to the stock exchange from Sanion, it is expressed that the possibility of making a general offer is being currently discussed; however nothing firm has been decided yet. 98 Holdings, a consortium led by Ong Beng Seng holding 25% stake of the company is expected to extend its offer until December 23, 2002. NatSteel shareholders will be holding an extraordinary meeting today, to vote on whether to support the management buyout offer of CCL at S$1.91 per share, i.e., the least attractive one currently as well as the 98 Holdings offer of S$2.03 per share that is to expire at 15:30 today.