HLT Global Berhad (KLSE:HLT) entered into an agreement to acquire a 40% stake in HL Rubber Industries Sdn Bhd from Hup Lek Engineering & Trading Sdn. Bhd., Suntel International Co. Ltd. and Teng Kok Fah for CNY 80 million on January 11, 2021. Under the terms, HLT Global Berhad will pay for 38.016 million shares for 19.01% stake to Hup Lek Engineering & Trading Sdn. Bhd, 37.575 million shares for 18.79% to Suntel International Co. Ltd. and 4.409 million shares for 2.20% stake to Teng Kok Fah. In a related transaction, HLT Global Berhad is under negotiation with Lau Siong Hut to purchase remaining 5% stakes. The transaction is subject to approval of offer by HLT Global Berhad shareholders and listing/approval of new shares on stock exchange. As of February 8, 2021 the transaction was approved by Bursa Malaysia Securities Berhad. The transaction shall take place within 30 days from the date of the share sale agreement becomes unconditional. Asia Equity Research Sdn. Bhd. and KAF Investment Bank Berhad acted as a financial advisor to the HLT Global Berhad.