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Published: Wednesday May 23, 2012 MYT 9:01:00 AM

UAC surges after hitting limit-up Tuesday

KUALA LUMPUR: Shares of UAC Bhd surged in early trade on Wednesday, extending its run-up after hitting limit-up on Tuesday on Boustead Holdings Bhd's privatisation offer.

At 9.07am, UAC was up 46 sen to RM4.12. There were 29,000 shares transacted.

The FBM KLCI inched up 0.11 of a point to 1,546.95. Turnover was 39.26 million shares valued at RM25.42. There were 92 gainers, 69 losers and 103 counters unchanged.

On Tuesday, UAC surged nearly 30% to RM3.66 on Tuesday afternoon.

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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