Billionaire Quek Offers to Buy Out Guocoland Malaysia Unit

Billionaire Quek Leng Chan’s Guocoland Ltd. offered to buy out minority shareholders in its property developer unit in Malaysia, citing a need for greater flexibility to streamline operations.

The Singapore-listed builder controlled by the billionaire offered 1.10 ringgit per share in Guocoland Malaysia Bhd., a 17.6% premium to the last-traded price on Jan. 30. Minority shareholders, who hold about 35% of the stock, would receive 269.4 million ringgit ($68.5 million).