Quick take: Grand-Flo shares fall on takeover announcement


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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Grand-Flo

   

Next In Business News

Central Global's subsidiary bags sub-contract worth RM100mil in Sabah
Airport operator MAHB record 76.8% decline in Q1 passenger movement
Malaysia Airlines extends flexibility for passengers to change travel dates
MAA: Vehicle sales up 33% to 63,878 units in March
FBM KLCI ends flat on lack of fresh catalysts
Grab considering secondary Singapore listing after US SPAC merger - sources
UEM Edgenta denies allegations, claims against its subsidiary by AZSB
Bank Negara revises foreign exchange notices
Tencent raises US$4.2bil in its second major bond deal in a year
World stocks near record highs as China, U.S. data back global recovery hopes

Stories You'll Enjoy


Vouchers