In less than one month after I commented about Hong Leong Group and OYL. Recent issue of The Edge reported that Hong Leong Group and Tan Sri Quek Leng Chan is in negotiation to disposed off OYL Industrial Bhd. The Edge stated that ......market believes it is Matsushita that is buying.
If OYL fall in the hand of foreigner like Matsushita. It would be a great loss to Malaysia industry. It does not appear that Hong Leong Group nor Tan Sri Quek Leng Chan required the money. No apparent politic pressure to dispose off the company like what happen to Hong Leong few years ago where it force to dispose off it print media arm Nanyang to Huaren Holdings. I really hope that Hong Leong would keep the company for national interest.
In the event that Hong Leong want to dispose off the company. I really hope it dispose it to a Malaysia's company than to a foreigner like Matsushita. It is a social responsibility for Malaysian entrepreneur to keep the company within Malaysia.
In the latest announcement by OYL in replied of query from Bursa Malaysia. OYL stated that:
O.Y.L. Industries Bhd ("OYL") informs that, from time to time, it has received approaches from various parties to explore business propositions. Currently, OYL is in discussion with a party (not Matsushita) who has expressed interest to purchase OYL but it has not led to an offer being made so far. The discussion may or may not lead to a definitive agreement. If a definitive agreement is reached, an appropriate announcement will be made.This announcement is dated 28 February 2006.
Oh, I hope the offer is not cause by my blog post!
Link : Nanyang
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