Hap Seng Plantations
KUALA LUMPUR: Bursa Malaysia Securities has suspended the proprietary day trading (PDT) and intra-day short selling (IDSS) of Kretam Holdings Bhd
on Monday afternoon after its shares more than the 15 sen or 15% limit.
The suspension came into effect at 2.38pm when the share price fell to a low of 61 sen, or 17 sen to 78 sen.
At 3.22pm, it was trading at 61. 5 sen, down 16.5 sen with 3.82 million shares done. This was the lowest since Jan 18, 2018.
The FBM KLCI fell 2.79 points or 0.16% to 1,753.59. Tunover was 2.04 billion shares valued at RM1.69bil. There were 420 gainers, 444 losers and 337 counters unchanged.
Kretam is a Sabah-based medium-sized oil palm plantation company.
On Feb 22, 2018, Hap Seng Plantations Holdings Bhd had proposed to acquire a controlling stake in Kretam Holdings Bhd via two corporate exercises valued at a combined RM1.18bil.
Under the exercises, Hap Seng Plantations will increase its landbank and venture downstream into the edible oil and biodiesel segment, while Kretam will be able to resolve its longstanding shareholder spread issue.
However, it was reported that there was a delay as Hap Seng could have underrated the due diligence needed for the acquisition.
Hap Seng group managing director (MD) Datuk Edward Lee Ming Foo was quoted in a news report saying: “We are still in the process of doing the due diligence, [for which] we have received an extension until end-June.”
Hap Seng's 53.04%-owned subsidiary Hap Seng Plantations Bhd announced a second extension for its due diligence from June 4 to June 30, 2018.
On Feb 22, 2018, Hap Seng Plantations had proposed to acquire a controlling stake in Kretam Holdings Bhd via two corporate exercises valued at a combined RM1.18bil.
Under the exercises, Hap Seng Plantations will increase its landbank and venture downstream into the edible oil and biodiesel segment, while Kretam will be able to resolve its longstanding shareholder spread issue.
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