Kuok group will be a major shareholder in Hexagon as it is understood that the substantial shareholding in the latter is fairly fragmented among its several founder directors.
It is understood this was a prelude to the appointment of a Kuok group nominee to the CEO post. Hexagon CEO Jason Tan was re-designated chairman and executive director on Aug 24. The reason the Kuok group picked Hexagon instead of a similar outfit in China could be that most of such companies there are state-owned. Hexagon is thus expected to provide M&E services for these bottling plants.
The Kuok group's sizeable interests there include bottling operations for Coca-Cola. It is understood Kuok group's interest in Hexagon stems from its need for M&E services for its factories in China. This involves the production of signages for petrol stations in the Asia-Pacific region, in particular China and India.įrom mid-August, its share price raced past RM3.40 on market talk and a news report at end-August of the Kuok group's interest in Hexagon. Its price had steadily risen from around RM2.15 a share in June to RM2.95 in mid-August on reports of the significant expansion of a second core business. Hexagon is one of the top performers on the Bursa Malaysia's Second Board this year. Gaintique had announced on Aug 29 it acquired that stake in Hexagon but did not reveal that it is a company within the Kuok group.
Kuok Brothers Sdn Bhd told Bursa Malaysia yesterday it is the holding company of Gaintique Sdn Bhd which bought 6.5 million shares, representing a stake of 16.1%, in Hexagon. Kuok group owns a 12.9% stake in REDtone itself. This follows Kuok group's investment in REDtone International Bhd's subsidiary in China last month and a major stake in Transmile Group Bhd last year. HEXAGON Holdings Bhd, engaged in mechanical and engineering (M&E) services, is the latest company in which the Kuok group has taken a strategic stake.
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