Moody's outlook on the Korean banking system has been negative since May 2016.
KUALA LUMPUR: Shares of Shell Refining Co (Federation of Malaya) Bhd (SRC) jumped to a high of RM2.45 on Friday as traders ignored that the takeover price had already been set at RM1.92.
At 2.43pm, it was up 21 sen to RM2.41 with 2.15 million shares done, swept up by the optimisim on Bursa Malaysia as blue chips chalked up more gains this week.
The FBM KLCI rose 8.79 points or 0.53% to 1,668.61. Turnover was 1.22 billion shares valued at RM881.40mil. There were 365 gainers, 387 losers and 331 counters unchanged.
StarBiz had reported the takeover offer for SRC had become unconditional at an offer price of RM1.92 per share after Malaysia Hengyuan International Ltd (MHIL) acquired 135 million Shell shares.
Upon completion of the acquisition, MHIL’s interest in SRC will increase from nil to 51%, thus obligating the company to extend a mandatory takeover offer for the remaining 49% stake that MHIL does not own comprising of 147 million shares.
MHIL, a subsidiary of Heng Yuan Holdings Ltd, which, in turn, is a subsidiary of China’s Shandong Hengyuan Petrochemical Co Ltd, is primarily involved in the manufacturing of petrochemicals.
In its latest quarterly earnings for the period ended Sept 30, the company reported a net loss of RM80.86mil on the back of RM1.96bil in revenue due to higher manufacturing expenses and amortisation charges.
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