Amcorp Prop hits limit-up on privatisation plan

KUALA LUMPUR: Share price of Amcorp Properties surged in early Monday trade after its major shareholders proposed to take it private at 90 sen a share.

At 9.22am, it was up 30 sen to 84.5 sen with 374,500 shares done.

The FBM KLCI was up 3.29 points or 0.21% to 1,590.74. Turnover was 833.69 million shares valued at RM482.08mil. There were 307 gainers, 318 losers and 364 counters unchanged.

Last Friday, the company announced the corporate exercise involved a selective capital reduction (SCR) and repayment exercise of 90 sen per share.

Based on the repayment of 90 sen per share, the proposal is a premium of 35.5 sen or 65% over its last traded price of 54.5 sen.

The shareholders comprise Amcorp Group Bhd, Clear Goal Sdn Bhd and banker Tan Sri Azman Hashim together with Amprop Trust, of which Azman has deemed interest.

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