Ogawa World surges on Shenzen-listed Xiamen takeover plan

  • Business
  • Tuesday, 10 Sep 2013

KUALA LUMPUR: Shares of Ogawa World had one of its best share price performance, surging to a high of RM1.05 on Tuesday after Shenzen-listed Xiamen Comfort Science & Technology Group Co. Ltd has launched a takeover at RM1.05 cash a share.

At 10.05am, Ogawa was up 15 sen to RM1.01. There were 3.82 million shares done at prices ranging from RM1 to RM1.05.

The FBM KLCI surged 23.76 points to 1,770.79. Turnover was 472.17 million shares valued at RM383.85mil. There were 409 gainers, 70 losers and 199 counters unchanged.

Ogawa said on Monday that Xiamen's unit Comfort Enterprise (Hong Kong) Co., Ltd was offering a premium of 19 sen or 22.9% above last Friday's closing price of 86 sen.

Ogawa said that several shareholders who owned 53.9% of Ogawa or 64.62 million shares had given their irrevocable undertakings to Xiamen to accept the offer.

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