KUALA LUMPUR: Grand-Flo Bhd, which received a takeover, fell almost 2% in early trade on Wednesday.
The IT-related company shed 1.89%, or 0.05 sen to 26 sen with 1.46 million shares traded. Year-to-date, the counter has risen 30%. It is currently trading at a PE of about 12 times.
On Monday, Grand-Flo has received an unconditional take-over offer for the remaining shares in the IT company at 26 sen each from YBG Yap Consolidated Sdn Bhd.
Grand-Flo said it received the take-over offer notice from AmInvestment Bank Bhd on behalf of offeror YBG Yap.
"In accordance with the rules on take-overs, mergers and compulsory acquisitions, the board will appoint an independent adviser to advise the company and the holders of the offer shares on the fairness and reasonableness of the offer. The announcement of the appointed independent adviser will be made in due course," Grand-Flo said.
YBG Yap bought a 53.32% stake or 250.81 million shares on Monday. It acquired the shares at average of 26 sen each at midday in several off-market deals totalling RM65.21mil.
The acquired shares represented a 53.32% stake based on the shares issued of 483.11 million units.