Ingress receives takeover offer at RM1.85/share

Ingress receives takeover offer at RM1.85/share
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Tuesday, 16 April 2013 18:37


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KUALA LUMPUR (April 16): INGRESS CORPORATION BHD [] announced that it has today received a conditional take-over offer from “joint offerors” to acquire all shares in Ingress not already owned by them for a cash offer at RM1.85/share.

According to the company’s announcement, the “joint offerors” currently hold directly 25,162,800 shares or 29.81% stake in the company. Hence, the shares they need to buy will be 59,237,200 units or 70.19%.

Ingress told Bursa Malaysia that its board will appoint an independent adviser in due course to advise on the reasonableness of the offer.

It also said trading in the company's shares will resume from 9.00 a.m tomorrow (April 17).

The stock was traded at RM1.64, up 8 sen, this morning before it was suspended from trading.

At RM1.85, the offer would be at a discount of 33% to its latest reported book value of RM2.77 a share.

Ingress had posted a lower net profit of RM20.15 million in the financial year ended January 31, 2013, down from RM22.15 million a year earlier. Revenue however rose to RM859.23 million from RM658.74 million.

Ingress was listed on the local bourse on March 9, 2001, at RM2.20 a share. Its share had hit an intraday high of RM2.68 on April 30, 2002, and a low of 14 sen on April 30, 2009, Bloomberg data showed.