NWP shares rise after acquisition is terminated

KUALA LUMPUR: NWP Holdings Bhd rose almost 4% this morning after announcing its plans to abort plans the acquisition of a 30% stake in US-incorporated Aviation AI Inc (AAI).

The timber products manufacturer saw its share price rose 3.77%, or one sen to 27.5 sen. It is currently the sixth most traded counter with over 14 million shares exchanged hands.

NWP announced that it has terminated an agreement to buy a 30% stake in AAI.

NWP said it had decided to terminate the deal which would have been undertaken by its wholly-owned subsidiary NWP Builder Sdn Bhd.

Back in Oct 14, 2016, NWP proposed to buy a stake in AAI to venture into the private charter air transport services business, with the intention of increasing its income.

The group has also appointed Wong See Ming as group executive director.

Stock on the Move , NWP