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NewsHot Stock Delloyd at record high after take-over offer raised
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Hot Stock Delloyd at record high after take-over offer raised
by Cals Tue 12 Aug 2014, 22:56
| Hot Stock Delloyd at record high after take-over offer raised |
| Business & Markets 2014 |
| Written by Gho Chee Yuan of theedgemalaysia.com |
| Tuesday, 12 August 2014 14:49 KUALA LUMPUR (Aug 12): Delloyd Ventures Bhd rose as much as 18 sen or 4% to its record high at RM4.96 since the company's listing some 18 years ago. The stock rose after major shareholders upped the take-over offer price for the automotive component manufacturer. Major shareholder Chung & Tee Ventures Sdn Bhd (CTVSB) raised the offer to RM5.20 a share in Delloyd from RM4.80 under a proposed selective capital reduction and repayment exercise. CTVSB and persons acting in concert, control a collective 63.58% of Delloyd. At 12.30pm, Delloyd gained 2.72% or 13 sen to settle at RM4.91 with 493,300 units traded. The stock remained at that price at 2.56pm. Bloomberg data showed that Delloyd was listed on November 18, 1996 at RM4 a share. Since listing, Delloyd had fallen to an intraday low of 56 sen on January 30, 1998. Today, dealers said news on the higher offer price had prompted investors to buy Delloyd shares. "The selective capital reduction and repayment exercise is the main catalyst to push up its share price. "All these while, there is not much trading activity for the counter," a dealer told theedgemalaysia.com over telephone. According to Delloyd's website, the company manufactures automotive components in Malaysia, Indonesia and Thailand. Delloyd also runs oil palm plantations in Malaysia and Indonesia. |
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