KUALA LUMPUR: Shares of REV Asia Bhd
jumped to their highest price in a month on Monday on news the company will use part of the proceeds from the disposal of its digital media unit to acquire a new business.
The stock was up six sen, or 8.5% at 76.5 sen with about two million shares traded.
Chairman Datuk Larry Gan Nyap Liou was quoted last Friday as saying that the company will have about RM8mil cash that it can use to invest in a new business after selling REV Asia Holdings Sdn Bhd to Media Prima Bhd
A chunk of the proceeds from the disposal will be returned to shareholders.
The company, Gan said, is proposing a one-time of 44 sen a share after the deal is done.