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Fajar Astoria closes takeover offer for Malaysia's Hovid

Stockholders of Malaysia's Hovid Bhd accepted a takeover offer from Fajar Astoria Sdn Bhd and David Ho Sue San, a managing director at Hovid.

Shares of Hovid, which provides pharmaceutical and herbal products worldwide, were priced at 38 Malaysian sen each in cash.

Fajar Astoria and David Ho Sue San held 79.05% of Hovid as of Oct. 5, 2018, when the offer was disclosed. They hold 94.94% of the company as of joint takeover offer's closing on Jan. 8.

As of Jan. 8, US$1 was equivalent to 4.11 Malaysian ringgit.