Quick take: Ancom Logistics shares continue uptrend, adding 23%

KUALA LUMPUR: Shares in Ancom Logistics Bhd continued to attract strong trading interest in early trade Monday.

The ACE Market-listed counter added 23.53%, or 10 sen to 52.5 sen with 82.3 million shares done.

Last week, On Thursday, Ancom Logistics said it is acquiring S5 Holdings Inc from its existing shareholders, namely S7 Holdings Sdn Bhd, Merrington Assets Ltd, MY EG Capital Sdn Bhd and Avocat Sdn Bhd.

The price is to be determined later after an independent valuation is done on S5. Ancom Logistics will issue new shares to the vendors as payment, the company said.

Ancom Logistics has entered into heads of agreement with the four shareholders of S5. If all goes according to plan, the vendors will launch a mandatory general offer for the shares not owned in ALB upon fulfilling all conditions for S5 Holdings to be listed via the exercise.

It then will undertake a private placement of new shares - a move to address its public shareholding spread to meet listing requirements.

Under the exercise, Ancom Logistics is selling its existing core logistics and warehousing business to Nylex as part of a group restructuring exercise.

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