Asteel wins contract amid ownership shift

KUCHING: Asteel Group Bhd has secured a RM15.8 million contract for structural reinforced concrete works on a three-storey logistics complex in Shah Alam, Selangor.

In a Bursa Malaysia filing, Asteel said its subsidiary Asteel Synergy Sdn Bhd accepted an 11-month work order from H.N. Lau Agency Sdn Bhd covering labour, supervision and tools for concrete pouring, reinforcement, welded wire mesh and formwork.

Asteel said the project would strengthen its track record and competitive position for future construction jobs, while contributing positively to earnings in the next financial year.

Asteel Synergy is wholly owned by Asteel Resources Sdn Bhd, which is 80.36 per cent owned by Asteel.

Meanwhile, Hii Capital Holdings Bhd raised its stake in Asteel to 53.08 per cent following additional acceptances involving 724,585 shares, or 0.14 per cent, when its mandatory takeover offer expired on Oct 5.

Hii Capital triggered the offer after acquiring 270 million shares, or 52.94 per cent, for RM20.25 million at 7.5 sen each on Aug 24.

Independent adviser MainStreet Advisers Sdn Bhd had recommended shareholders reject the offer, describing it as “not fair and not reasonable”.

It said the offer price was 39.81 per cent below its estimated value of 12.46 sen per share and 37.13 per cent below Asteel’s audited net asset value of 11.93 sen per share as at Dec 31, 2025.

MainStreet also noted that Hii Capital and ultimate offeror Datuk Clifford Hii Toh Leong intend to maintain Asteel’s Main Market listing and have no plans to compulsorily acquire the remaining shares.