Foreign funds have continued to be net buyers on Bursa Malaysia on Monday at RM167.64mil.
KUALA LUMPUR: Shares of Malaysia Packaging Industry Bhd (Maypak) fell to a low of 39 sen on Monday after investors sold on news of an impending takeover at 16.6 sen a share.
At 11.30am, Maypak was down six sen to 39 sen. There were 140,000 shares done.
The FBM KLCI rose 10.24 points or 0.62% to 1,663.50. Turnover was 853.52 million shares valued at RM630.87mil. There were 335 gainers, 262 losers and 307 counters unchanged.
Last Friday, Maypak announced Japan's Taisei Lamick Co. Ltd had emerged as a major shareholder with nearly 55% and this will see it making a mandatory general offer (MGO) for the remaining stake.
Taisei Lamick had signed a conditional sale and purchase agreement (SPA) with Toyo Seikan Co., Ltd to buy the latter's 54.95% stake in packaging company Maypak for RM3.83mil or 16.6 sen a share.
Once Taisei Lamick had completed the acquisition of Toyo Seikan's stake, it would hold 54.95% or 23.10 million shares and it would have to extend a mandatory take-over offer to acquire all the remaining Maypak shares.
Taisei Lamick is listed on the Tokyo Stock Exchanged and it has a market capitalisation of RM700mil. Its core business is manufacturing of film packaging materials for packing food products, celaning detergents and other consumer goods.
Upon competion of the proposed acqusition, Maypak will be a subsidiary of Taisei Lamick and will function as the group's regional headquarers in the Southeast Asian region.
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