Business

Luster Industries awaits concrete offer

Luster Industries Bhd's managing director Lim See Chea said he will decide the next course of action only when there is a concrete offer to acquire the company.

"I often receive verbal offers either to buy other companies and to sell my company, but nothing in black and white.

"So with regards to the report, I will only decide, plan or execute when there is something concrete on the table," he said when contacted.

He was responding to reports that three parties which had placed a bid to take over the Kuala Kedah Jetty, were believed to be in talks to take over control of Luster Industries.

The jetty links the state's mainland to Langkawi island via a sea route. The parties collectively seeking ownership of Luster are Puncak Semangat Sdn Bhd, Manfield Development Sdn Bhd and Jalinan Muhibah Sdn Bhd.

Luster Industries recently returned to the black, registering a profit of RM501,000 for the quarter ended March 31, 2013, versus a loss of more than RM3 million in the same time last year.

Puncak Semangat is a company linked to Tan Sri Syed Mokhtar Al Bukhary while Manfield and Jalinan Muhibah last emerged in the corporate scene as shareholders of Northern Utility Resources Sdn Bhd. - Bernama, June 20, 2013.

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