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Published: Tuesday May 22, 2012 MYT 2:58:00 PM

UAC hits limit-up on Boustead privatisation offer

KUALA LUMPUR: Shares of UAC Bhd hit limit-up to RM3.66 on Tuesday afternoon after Boustead Holdings Bhd's privatisation offer at RM4.30 per share.

At 3pm, UAC was up 84 sen to RM3.66. There were 1,500 shares done.

The FBM KLCI was up 3.01 points to 1,541.92. Turnover was 501.84 million shares valued at RM595.85mil. There were 418 gainers, 211 losers and 300 stocks unchanged.

Boustead had offered RM4.30 a share to UAC minority shareholders, which was 49.9% above the latter's five-day volume weighted average market price of RM2.87 on May 18.

The privatisation would be via a proposed selective capital reduction (SCR) and repayment exercise, and a proposed dividend by UAC.

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